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Posted 9-18-01
The New York Stock Exchange and NASDAQ markets have reopened for business for the first time following the September 11 terrorist attacks on the World Trade Center. Before the markets opened, the Federal Reserve Board announced a cut of one-half percent in short-term interest rates.
David Bowers, professor of banking and finance at the Weatherhead School of Management at Case Western Reserve University, believes last week's events will have negative effects on the stock market in the short term, but positive in the long-term. The Bush administration's plans to sell war bonds will mean it won't have to dip into the Social Security surplus to finance government operations.
Bowers can be reached for comment and analysis at 440-247-0873.