http://moneycentral.msn.com/content/CNBCTV/Articles/Dispatches/P6258.asp CNBC Market Dispatches 09/11/01 10:51 AM ET Dollar sinks after attacks Both of the World Trade Center towers now have collapsed. The dollar is sharply lower, gold is rising and oil prices are soaring. One likely corporate casualty: insurers. Powerful explosions have now toppled both of the twin towers of New York's World Trade Center, home to thousands of workers and dozens of financial companies. Blasts also hit the Pentagon. Markets are closed and the financial district is engulfed in smoke. "It is pitch black," CNBC's Maria Bartiromo said of the scene on Wall Street. "You are basically surrounded by smoke and debris coming at you. Earlier, we actually saw bodies coming out of the top of the World Trade Center." Bartiromo is reporting from inside the New York Stock Exchange, which she says has suffered no internal damage. The dollar has fallen against other major currencies, and the price of gold -- historically a shelter in uncertain times -- is rising. Oil prices are surging. European stock indexes have plunged. Dollar loses ground as investors seek safety The dollar continues to lose ground against other currencies, falling particularly sharply against the euro as investors seek safer ground. The Swiss franc, a traditional safe haven for world investors, has risen sharply after the series of explosions. Currency strategists interviewed by news services continue to assert the dollar will bounce back after the knee-jerk selling. European stock indexes slide The pan-European FTSE Eurotop 300 has lost 4.5% of its value, and indexes in major European capitals were lower. Some European markets closed temporarily, while others remained open. Insurance burden will be huge The human and political damage of today's attack is impossible to calculate, but one corporate casualty is sure to be the insurance industry. Claims will easily reach into the billions of dollars, according to industry experts quoted by the news services. "It is safe to assume claims will be in the billions," Robert Hartwig, chief economist for the Insurance Information Institute, told Reuters. He says losses from intentional attacks generally would be covered. Among the largest property/casualty insurers are AIG (AIG, news, msgs), Allianz (AZ, news, msgs) and Allstate (ALL, news, msgs). -- Scott Gerlach Indexes Dow 9,605.5 Unch Nasdaq 1,695.4 Unch S&P 1,092.5 Unch Details Price 74.260 Change unch Research Wizard Add to MSN Stock List Message Board Price 34.080 Change unch Research Wizard Add to MSN Stock List Message Board Resources Read/Post comments on your message board Find a problem in this article? Send us e-mail Search MSN Money tips MSN Money's editorial goal is to provide a forum for personal finance and investment ideas. Our articles, columns, message board posts and other features should not be construed as investment advice, nor does their appearance imply an endorsement by Microsoft of any specific security or trading strategy. An investor's best course of action must be based on individual circumstances. Print-friendly version Send this to a friend === If you don't have time for the preservation of Freedom, how can you possibly imagine you are free? === SheWhoRemembers Freedom Justice Peace http://geocities.com/sheremembers Audio Feed for Thought: http:[EMAIL PROTECTED]/swr.ram Join List: [EMAIL PROTECTED] SWR sponsor: http://rovin.net/?SWR Rovin'Net delivers superb internet access with personal attention, privacy, and integrity. === --------------- In accordance with Title 17 U.S.C. section 107, this material is posted withthout profit or payment for non-profit research and educational purposes only. -------------- Abusing drugs is not a crime, abusing drug users is. ~~~ After 30 years of daily use, the most irresponsible thing drugs ever caused me to do is call for their legalization. ~~~ "The prestige of government has undoubtedly been lowered considerably by the Prohibition law. For nothing is more destructive of respect for the government and the law of the land than passing laws which cannot be enforced. It is an open secret that the dangerous increase of crime in this country is closely connected with this." ~~ Albert Einstein on Prohibition, 1921 ------------------------ Yahoo! Groups Sponsor ---------------------~--> <FONT COLOR="#000099">FREE COLLEGE MONEY CLICK HERE to search 600,000 scholarships! </FONT><A HREF="http://us.click.yahoo.com/47cccB/4m7CAA/ySSFAA/xYTolB/TM";><B>Click Here!</B></A> ---------------------------------------------------------------------~-> Please let us stay on topic and be civil. To unsubscribe please go to http://groups.yahoo.com/group/cia-drugs -Home Page- www.cia-drugs.org OM Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
