Tech Industry

World Trade Center explosion shutters markets

The burning towers of the World Trade Center will result in at least a delay--and possibly a closure--for the New York Stock Exchange and the Nasdaq.

The burning towers of the World Trade Center will result in at least a delay--and possibly a closure--for the New York Stock Exchange and the Nasdaq on Tuesday.

Trading--if it starts at all--is likely to be light Tuesday after two planes crashed into the two World Trade Center towers around 5:30 a.m. PDT, igniting fires and speculation of a terrorist attack. Reports say that the two planes came from a Boston airport. Both towers of the building, located in the financial district close to Wall Street and the New York Stock Exchange, are on fire.

Unconfirmed reports indicated the New York Stock Exchange closed for the day. In addition, New York area airports, bridges and tunnels into the city from New Jersey are closed. Subways and other forms of transportation also are closed.

Before the World Trade Center explosion, the Dow Jones industrial average was set to open flat to higher, but futures, which indicate the direction of the market, turned sharply lower after the fires. The Nasdaq is also set to open lower if and when it begins trading.

In the tech sector, Nokia said that its third-quarter estimates will be in line with previous estimates. The maker of mobile phones said third-quarter revenue would fall 5 percent below year-earlier levels, compared with expectations of 0 percent to 5 percent growth, but that earnings would be on target, at 13 cents to 14 cents a share.

Vitesse Semiconductor warned that its fourth-quarter loss will be larger than expected. The maker of chips for fiber-optic equipment said it now sees a loss of 12 cents to 15 cents a share, wider than the 9 cents a share predicted by First Call.

Reuters contributed to this report.