Stock-exchange workers were not the only ones feeling a rush of patriotic zeal at the sound of the opening bell. Over the weekend, e-mail chains zipped around the country, encouraging Americans to buy stock in a grassroots effort to keep the markets from plunging. “What if every red blooded American who cares deeply about the need for the United States to weather this storm and remain a beacon of hope in a tough world, bought a few shares of their favorite stock on Monday?” asked one such e-mail, weaving through government offices in Washington, D.C. “Fifty million Americans buying 20 shares of the stock of their choice would result in a billion share push to the plus side,” it concluded. The origins of the messages are not known, although they appear to be written by individuals.
Another message, with the subject heading “fighting back,” circulated through New York Internet companies. “Your first weapon is your money … If our soldiers can risk their life in the inevitable coming conflicts, can’t you risk a few dollars?” A similar e-mail read, “In a show of support and solidarity, BUY at least one share of stock in a U.S. company…. Open your minds to imagine what a SLAP in the face of terrorism it would be if the American markets actually RISE instead of PLUNGE when they re-open!”
DREAMS DASHED
Unfortunately, that optimistic dream was dashed Monday. It’s impossible to assess what impact such messages had on the market, or how many people the e-mail campaigns reached, but the volume of buying generated was clearly not enough to head off a market plunge. Despite a surprise half-point interest-rate cut by the Federal Reserve on Monday morning, the Dow ended down 685 points and the Nasdaq dropped 115 points.
But some e-mail recipients say the messages got their blood pumping and their cash flowing. “It’s just a way of showing that this doesn’t cow Americans,” says Jay Heimbach, 32, a Washington lobbyist who bought 200 shares of stock shortly after the NYSE bell rang Monday morning “It’s your duty, if you can afford it, to help put out a positive news story in the midst of all these negative things.” He says making money wasn’t his goal when he purchased the stock. “I watched this morning when it [NYSE] opened and I almost got a chill.” Heimbach forwarded the e-mail he received to about 25 friends.
Nate Tibbits, a Washington-based consultant who received an e-mail, said he and his wife planned to invest their tax-rebate checks in the stock market later this week. They made a decision to wait until Tuesday or Wednesday because they worried about a balloon of investment on Monday. “I think it can impact short-term market direction,” said Tibbits. “It sends a message to the world and to the terrorists. The World Trade Center is something that symbolizes the market, and that was their target.” Tibbits was considering stock in wireless industries because of the multiple roles cell phones played in the aftermath of the attacks last Tuesday.
NYSE officials also trumpeted links between the market and deeper American ideals. “Our economy is the strongest in the world, and our nation is the strongest in the world,” said NYSE Chairman Richard Grasso shortly after the bell rang. “Our markets are the freest and fairest.” A statement posted on easels around the NYSE building borrowed the words of Martin Luther King Jr.: “Today that bell means more to us than just business,” it read. “… it will steel our collective determination to never let cowardice, intolerance and evil sway this great and free society…. We will sound that bell. And let Freedom Ring.”
