In fact, as a testament of their resolve to overcome this tragedy, Alger was open for business when the markets resumed trading on the morning of September 17. They have our full support and confidence and we stand ready to support them in anyway necessary. For those who were wondering how the markets would respond to this tragedy, we now have the first piece of the answer. There was no panic, although the markets declined in a similar fashion to the decline experienced in many European markets last week. It is important to note that those markets began to strengthen the day after their initial descent.
Many positive factors abound.
The Federal Reserve has pumped tens of billions of dollars into the U.S. financial system and short-term interest rates were lowered half a percentage point before trading began Monday morning. Companies are prepared to buy back their own shares if they believe the selling is overdone. Our government and corporations are still very strong. This attack, as horrid as it was, does not threaten the fundamental underlying strength and resilience of America. The financial goals that you have and your strategy for achieving them probably need not change, especially if you have an extended time frame.