Economic effects of the September 11 attacks

The September 11 attacks in 2001 were followed by initial shocks causing global stock markets to drop sharply. In international and domestic markets, stocks of companies in some sectors were hit particularly hard. Travel and entertainment stocks fell, while communications, pharmaceutical and military/defense stocks rose. Online travel agencies particularly suffered, as they cater to leisure travel. The attacks themselves resulted in approximately $40 billion in insurance losses, making it one of the largest insured events ever.^[1]