There are no historical parallels to refer back to as we try to achieve some normalcy in the weeks to come. However, the American ethic as always will win. In crisis after crisis the United States (and the financial markets) have rallied. Those who work and do business in the financial markets will not forget that awful day as they try to get on with their lives. Those on Wall Street have the charred remains of what was the World Trade Center as a constant reminder along with the personal loss of many friends and colleagues.

The Federal Reserve System and its central bank counterparts in other countries have promised to provide sufficient liquidity to keep the world's financial systems out of trouble. The U.S. bond markets opened on Thursday and were ho-hum orderly. The dollar did not collapse. Perhaps most important, oil prices rose but did not soar as they did during the Gulf war. There will undoubtedly be some transitory effects but the long term fundamentals of the American economy have not changed.

The key factor to market stability in coming weeks will be investor patience. It will probably be a rocky road. For now, economic data will be irrelevant. It is all historic and what happened on Tuesday has changed everything.

Introduction   •   Global Stock Market Indexes   •   Recap of Global Markets   •   Currencies   •  Indicator Scoreboard

The Bottom Line   •   Looking Ahead