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CNN Live Event/Special
Today Stock Market Review
Aired August 15, 2003 - 20:42 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
WOLF BLITZER, CNN ANCHOR: New York Mayor Michael Bloomberg ringing the opening bell of the New York Stock Exchange as the city got back to business earlier today.
Welcome back to our continuing coverage. As for what the markets did, let's check in, here is CNN's Christine Romans -- Christine.
CHRISTINE ROMANS, CNN FINANCIAL CORRESPONDENT: Well, Wolf, economists say, think of this economic blackout of this week as a snowstorm. It was something that was shutting down the output of a very important part of the country for one full day but the stock market wasn't concerned at all. The Dow closed up 11 points. The Nasdaq closed up 1 point and the S&P 500 closed up a little bit it was extremely quiet trading, though.
Watching other market reaction, we had oil prices rise as spokespeople were concerned about slowdowns to refineries. Bond prices fell. That's evidence that at least there, investors aren't concerned about significant fallout to the economy. Bank stocks were mixed as the banks tried very hard to get their ATM's up and running. The auto industry was shut down. But you saw auto stocks barely move. Airline stocks fell a little bit and power stocks soared here.
But was quiet. It was more about regrouping and commuting than it was about stocks. It was also about the lessons learned from two years ago, lessons that made today easier.
(BEGIN VIDEO CLIP)
DICK GRASSO, CEO NYSE: Well certainly, there were contingency lessons that were experienced as a result of the great tragedy of September 11. And we took from those lessons much knowledge that we have applied. And as you see, in perhaps one of the most challenging power outages in the history, certainly of this city if not this nation, we're up and operating business as usual.
(END VIDEO CLIP)
ROMANS: Well, Dick Grasso is one of 300 people who slept at the New York Stock Exchange to get things up and running this morning. Generators were ready to go, but Con Ed kicked in at 6:00 a.m. and essentially, their elbow grease made the opening bell routine, almost routine.
(BEGIN VIDEO CLIP)
UNIDENTIFIED FEMALE: A lot of cranky people down here. Unshaven, unshowered did not sleep well. One guy told me he put two chairs together and that's how he slept last night.
(END VIDEO CLIP)
ROMANS: In the end it was the most important, the most powerful people on Wall Street who rang the closing bell, and they were the electricians -- Wolf.
BLITZER: Good for those electricians. We really need them. Christine Romans, thanks very much.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired August 15, 2003 - 20:42 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
WOLF BLITZER, CNN ANCHOR: New York Mayor Michael Bloomberg ringing the opening bell of the New York Stock Exchange as the city got back to business earlier today.
Welcome back to our continuing coverage. As for what the markets did, let's check in, here is CNN's Christine Romans -- Christine.
CHRISTINE ROMANS, CNN FINANCIAL CORRESPONDENT: Well, Wolf, economists say, think of this economic blackout of this week as a snowstorm. It was something that was shutting down the output of a very important part of the country for one full day but the stock market wasn't concerned at all. The Dow closed up 11 points. The Nasdaq closed up 1 point and the S&P 500 closed up a little bit it was extremely quiet trading, though.
Watching other market reaction, we had oil prices rise as spokespeople were concerned about slowdowns to refineries. Bond prices fell. That's evidence that at least there, investors aren't concerned about significant fallout to the economy. Bank stocks were mixed as the banks tried very hard to get their ATM's up and running. The auto industry was shut down. But you saw auto stocks barely move. Airline stocks fell a little bit and power stocks soared here.
But was quiet. It was more about regrouping and commuting than it was about stocks. It was also about the lessons learned from two years ago, lessons that made today easier.
(BEGIN VIDEO CLIP)
DICK GRASSO, CEO NYSE: Well certainly, there were contingency lessons that were experienced as a result of the great tragedy of September 11. And we took from those lessons much knowledge that we have applied. And as you see, in perhaps one of the most challenging power outages in the history, certainly of this city if not this nation, we're up and operating business as usual.
(END VIDEO CLIP)
ROMANS: Well, Dick Grasso is one of 300 people who slept at the New York Stock Exchange to get things up and running this morning. Generators were ready to go, but Con Ed kicked in at 6:00 a.m. and essentially, their elbow grease made the opening bell routine, almost routine.
(BEGIN VIDEO CLIP)
UNIDENTIFIED FEMALE: A lot of cranky people down here. Unshaven, unshowered did not sleep well. One guy told me he put two chairs together and that's how he slept last night.
(END VIDEO CLIP)
ROMANS: In the end it was the most important, the most powerful people on Wall Street who rang the closing bell, and they were the electricians -- Wolf.
BLITZER: Good for those electricians. We really need them. Christine Romans, thanks very much.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
