World Markets Whipsawed

Updated from 11:58 a.m. EDT

Terrorist attacks on New York's financial district and the Pentagon in Washington, D.C. shattered world markets on Tuesday. Global stock markets and the dollar plunged on fears of additional attacks and the concern over the ability of the developed world to defend against them. Oil, gold and bonds gained in European markets as investors scurried for perceived safe havens in this suddenly new era of uncertainty.

Stock, bond and commodities markets in the United States were closed as a result of the tumult. NYSE Chairman Dick Grasso also announced the New York Stock Exchange and the American Stock Exchange will remain closed on Wednesday. The Nasdaq will be closed as well.

London's FTSE 100 closed down 5.7% at 4746. The FTSE has declined 24% this year and Tuesday's close was it's lowest since October 8, 1998. Trading in London continued to its normal close even as the headquarters of the London Stock Exchange were evacuated Tuesday afternoon. ...