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Recovery: News puts markets on edge

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New York is pondering the future of the World Trade Center site as it clears the rubble.  


SUMMARY:

Wall Street endured an uneasy down day, reflecting mixed commentary from Federal Reserve Chairman Alan Greenspan and continued anthrax scares. The anthrax woes in particular -- which have affected Senate Majority Leader Tom Daschle's office in Washington, a handful of offices in New York, and a building in south Florida -- put the markets, not to mention many Americans, on edge.

New York City will be receiving at least half of the $40 billion in relief funds approved by Congress last month. White House Budget Director Mitch Daniels, touring the World Trade Center site Tuesday, guaranteed the city at least $20 billion in federal recovery funds, but called for fiscal restraint as decisions are made on the appropriation of aid.

UPDATE:

U.S. equity indexes fell Wednesday afternoon as mounting anthrax scares and mixed testimony from Federal Reserve Chairman Alan Greenspan cut into investor optimism following positive results from Intel and IBM.

Both industry leaders saw profits fall from the year before, but surpass estimates nonetheless. (Full story)

The Federal Aviation Administration plans to check the backgrounds of every employee who has access to secured areas of airports, Administrator Jane Garvey said Wednesday.

Garvey told a National Press Club luncheon that she hoped to have the checks completed within nine months. Around 750,000 employees will be checked. (Full story)


  •  Summary

  •  Update

  •  Key questions

  •  Impact



REMEMBERING THE VICTIMS

  •  Emergency information

  •  Partial list of victims

  •  Victims story archives

  •  Latest news


Attack on America
 CNN.COM SPECIAL REPORT
 CNN NewsPass Video 
Agencies reportedly got hijack tips in 1998
 MORE STORIES
Intelligence intercept led to Buffalo suspects
Report cites warnings before 9/11
 EXTRA INFORMATION
Timeline: Who Knew What and When?
Interactive: Terror Investigation
Terror Warnings System
Most wanted terrorists
What looks suspicious?
In-Depth: America Remembers
In-Depth: Terror on Tape
In-Depth: How prepared is your city?
 RESOURCES
On the Scene: Barbara Starr: Al Qaeda hunt expands?
On the Scene: Peter Bergen: Getting al Qaeda to talk

President Bush's budget chief guaranteed at least $20 billion in federal recovery funds for New York City, but called for fiscal restraint as decisions are made on the appropriation of aid.

Holding a hard hat after a tour of the World Trade Center site Tuesday, White House Budget Director Mitch Daniels said the president is committed to giving New York at least half of $40 billion in relief funds approved by Congress last month. (Full story)

A union representing many of the nation's air traffic controllers Tuesday called for tighter security at air traffic control facilities nationwide, saying unescorted visitors can access some towers and vehicles can drive up to the base of the facilities.

The National Air Traffic Controllers Association (NATCA) said while security is adequate at control towers and centers at major airports, 180 smaller towers need improvement. (Full story)

The top emergency response manager in the nation told congressional leaders Tuesday that authorities could become much more effective in the wake of the September 11 attacks.

Joe Allbaugh, director of the Federal Emergency Management Agency, recommended that all emergency authorities, such as police and fire departments and first responders, have an established communications system through which they can easily talk to each other. (Full story)

The Senate last week unanimously passed legislation calling for federal marshals on airplanes, increased cockpit security and hijack training for pilots.

The most controversial provision, opposed by President Bush, would make the 28,000 airport screeners and baggage handlers federal employees. (Full story)

Washington Wizards star Michael Jordan announced that he will donate $100,000 of his $1 million salary this season to help the children who lost their parents at the Sept. 11 terrorist attack on the Pentagon. (Full story)

In the aftermath of the September 11 attacks, items carrying the FDNY, as well as NYPD, logos of the New York Fire and Police Departments are being snapped up at street stands and retail locations. (Full story)

New York is hosting a job fair at Madison Square Garden Wednesday to assist those displaced by the September 11 attacks on the World Trade Center. More than 200 companies, offering 13,000 positions, are expected to take part. (Full story)

KEY QUESTIONS:

What will be the long-range impact on the global airline industry? Click here for more

Are security breaches common at U.S. airports? What is the government doing to improve airport safety? Click here for more

How is Congress helping out in the recovery process? Click here for more

Are children able to grasp the severity of the September 11 attacks? How are they coping?

Will firefighters take greater precautions in rushing into burning buildings in the aftermath of the attacks?

How long will it take to reopen the damaged section of the Pentagon? At what cost? Click here for more

What will happen to the World Trade Center site? Click here for more

What measures will be taken to try to prevent a recurrence of such attacks? Click here for more

WHO'S WHO:

George W. Bush: U.S. president

Laura Bush: First lady of the United States, she has become more visible since the terrorist attacks, making public appearances urging parents and teachers to help reassure children that everything is being done to try to keep them safe. Click here for more

Tom Ridge: Director of the U.S. Office of Homeland Security, a new Cabinet-level position Click here for more

Richard Clarke: Head of efforts to safeguard information systems for the Office of Homeland Security Click here for more

Wayne Downing: Retired Army general tapped as deputy national security adviser Click here for more

Joe Allbaugh:The chief of the Federal Emergency Management Agency Click here for more

Rudy Giuliani: Mayor of New York Click here for more

Paul O'Neill: Treasury secretary

Norman Y. Mineta:Transportation secretary

Jane Garvey: FAA administrator

VICTIMS:

The latest figures provided by federal and local officials give the following totals for the number of people dead or missing from the September 11 attacks.

WORLD TRADE CENTER: 4,688 reported missing to the New York Police Department, including the 157 people on the two hijacked planes; 450 confirmed dead, 395 bodies identified

PENTAGON: 64 dead on hijacked plane; another 125 dead or missing

PENNSYLVANIA: 44 confirmed dead on hijacked plane

IMPACT:

The events of September 11 exposed the vulnerability of the world's greatest superpower, presenting the United States with the challenge of recovering emotionally and physically.

Several industries -- particularly the airline industry and the insurance industry -- have been hit hard by the aftermath of the terrorist attacks, and their progress will be watched closely as a guide to the overall U.S. economic and psychological recovery.



 
 
 
 



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