Rugby Union: Super win quiets Wall Street; AMERICAN FOOTBALL.
Super Bowl hysteria slowed the business of Wall Street as New Yorkers celebrated the Giants' upset victory in the National Football League's championship game.
Fans, stripped to the waist, celebrated in the chill on Sunday night after the New York Giants, who actually play their games across the Hudson River in New Jersey, shocked the previously undefeated New England Patriots,17-14 in Glendale, Arizona.
The celebration will continue today, when New York City stages a ticker-tape parade in the so-called Canyon of Heroes, a stretch of Broadway in the Financial District where heads of state and war victors have been feted.
Quarterback Eli Manning proved the hero for New York as he engineered a 12-play, 83-yard drive late in the fourth quarter before hitting wide receiver Plaxico Burress in the endzone with just 35 seconds left.
The Giants put the first points on the board after Scottish-born Lawrence Tynes kicked a 32-yard field goal but New England took the lead on Laurence Maroney's one-yard run at the start of the second quarter.
The Giants edged ahead 10-7 early in the fourth quarter when Manning found David Tyree with a five-yard pass over the middle but the Patriots hit back when Tom Brady connected with Randy Moss for a six-yard touchdown with just under three minutes to play.
However, Manning then marched the Giants downfield before locating a wide-open Burress to seal an unlikely victory at the death.
The biggest game in American football put the frenzied American presidential campaign on hold for a few hours as advertisers paid some EUR2.7 million for a 30-second ad in the television event of the year.
The celebratory hangover lasted into yesterday morning, when some financial trades were put on hold by dealers still giddy with victory. "I knew trading flows from the New York desks would be close to nil and I was right: There's so much stuff going on with the markets but let's face it, those traders are probably not even at their desks yet," said Greg Salvaggio, a senior currency trader at Tempus Consulting in Washington. "New York will have to literally sober up before we see some trading action out of there," he said.
Thomas di Galoma, head of Government bond trading at Jefferies & Co in New York, said trading was 15 to 20 percent below average.
"A lot of people just decided not to come in. We are going to see the same thing (on Tuesday)," di Galoma said, referring to the parade.
At 10am yesterday, United States Treasury trading volume totals of EUR81.1 billion were 34 percent below the 20-day average of EUR123.7 billion at the same hour, according to bond broker ICAP.
The Patriots, who play their games about 25 miles south of Boston in Foxborough, were heavily favoured after having gone unbeaten throughout the 16-game regular season, then won their first two play-off games. Their defeat leaves the 1972 Miami Dolphins as the only team to be undefeated throughout an entire football season, although they only played 17 games.
"Business is very quiet this morning. I think it's more a function of Boston being completely emotionally crushed than it is New York being unable to execute trades," said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey.
One Patriots fan working in New York said he had trouble reaching Giants fans on the phone before the market opened. "I have been trying to overcompensate (for the loss) by focusing on the market even more. Unfortunately that's been hard to do this morning with everyone talking football," said Edward Bretschger, director of equity sales and trading at Calyon Securities.
Madison Hedgecock delivers the traditional ice-cold Gatorade bath to victorious New York Giants head coach Tom Coughlin Picture, DAVID J PHILLIP/ASSOCIATED PRESS
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|Publication:||The Birmingham Post (England)|
|Date:||Feb 5, 2008|
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