Everything came tumbling down and energy equities were no different. Between the impact of Terrible Tuesday, Sept. 11, and the already falling demand and prices for energy products, energy equities ended the quarter much lower than the previous quarter. Market values for the energy sector are getting closer to the baseline of the Index set at the end of 1999. The PGJ Energy Index fell to 117 for the end of the third quarter, compared to 139 for the end of the second quarter of 2001. The Dow Jones Industrial Average, bellwether of the New York Stock Exchange, was weak because of the economic decline of the nation before the destruction of the World Trade towers, and fell even faster after the attack. Recovering from the first few days of trading after that disaster, the DJ came back to 8,848 to end the quarter. This compares to 10,502 at the end of the second quarter.
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