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Panic -- then payoff; 'Shock events' depress the market, but it always charges back.(BUSINESS & MONEY)
Byline: JOHN HIELSCHER john.hielscher@heraldtribune.com
The Dow Jones Industrial Average stood at a robust 83 on June 28, 1914, when the assassination of Austria's Archduke Ferdinand triggered World War I.
The benchmark stock index soon plunged by 35 percent, and a nervous Wall Street closed the New York Stock Exchange for four months.
When the exchange reopened in December, the Dow more than doubled during the next two years until 1917, when it plunged as the United States entered the war.
But the market rallied again, and by Armistice Day on Nov. 11, 1918, the Dow had returned to its pre-war mark and was ready for a bull run in the 1920s.
The terrorist attacks of Sept. 11 have investors taking a fresh look at the history of the stock market during times of war and crisis.
In most cases, the market quickly reels after a "shock event" -- such as Pearl Harbor in 1941 or Iraq's invasion of Kuwait in 1990 -- then rebounds to higher levels within a year.
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