Statewide reports of wildly fluctuating gas prices and world stock market speculation ran rampant Wednesday following the four-pronged terrorist attack that killed thousands in New York City, Washington, D.C., and rural Pennsylvania.
Tom Rathjen, vice president of the New York Stock Exchange western office, told The Daily Cardinal the confusion and disorder in New York's downtown financial district led to the NYSE's decision to remain closed at least through Thursday.
'[NYSE] will be closed,' Rathjen said. 'It's mainly a matter of getting access to lower Manhattan. Lower Manhattan is essentially [closed] off. One is unable to get to lower Manhattan, and that's where the New York Stock Exchange is located.'
Rathjen added that travel and communication difficulties also contributed to the decision.
'I believe there are telecommunication problems,' he said. 'It's day to day right now.'
The Nasdaq Exchange also issued a statement its exchange will remain closed Thursday.
Bob Spangel, a financial consultant for A.G. Edwards and Sons, said the closing of American markets may actually have a positive effect on the markets when they reopen.
'I think a lot of [the markets' trends are] going to depend on how long Wall Street remains closed, and the longer it remains closed, the better,' Spangel said. 'Two, three days after the attack, you realize, we're not going to war, and ... being in the market is a good thing. The longer time they have to analyze this, the less [detrimental] effect on the market.'
Spangel added he thinks that when the U.S. market reopens, it will level off after a period of fluctuations, based on the patterns of other nations' markets.
'We certainly saw a lot of sell-off in the Pacific market, but the [European] markets made their money back,' he said. 'The long-term effects on the market will be almost nil.'
He said he also thinks the long-term prospects for the American markets are positive.
'I think the markets are poised for a decent lift over the next year or two. If you look at what the markets have done in the last year or two, we've sold off quite a bit,' Spangel said. 'We've had all kinds of rate cuts, and it's only a matter of time before the rate cuts kick in and help the market go back up.'
Debbie Monterrey-Millett, Gov. Scott McCallum's press secretary, said Wednesday the governor's office received 'hundreds' of calls from Wisconsinites complaining about dramatic gas price hikes.
'There was a report of a gas station in Waunakee charging $3 a gallon; we've heard $8 in Wausau,' Monterrey-Millett said, adding that there is a lot of concern about gas stations taking advantage of fear and panic from the terrorist attacks.
'The governor directed ... a full force of investigators,' Monterrey-Millet said. 'He has directed these investigators to go out, and they'll report [high prices].'
She added that a state law prevents gas stations from changing prices more than once in a 24-hour period, allowing investigators to verify reports of gouging the day they are reported.
Nancy Sekorski, a Rib Mountain resident who works in the Wausau area, said reports of $8 a gallon gas are exaggerated.
'Last night, we took our car down to ... Mosinee, and the Petro Mart [nearby] was $4 a gallon, but today it was back to $1.79,' Sekorski said.
Monterrey-Millett said Bob Bartlett of Gas and Petroleum Markets of Wisconsin confirmed gas supplies are normal, and advised consumers to remain calm.
'When stations run out, it fuels the panic even more,' Monterrey-Millett said. 'Shop around and boycott stations that are charging too high of prices.'
