Stocks rebounded overseas today as markets absorbed the impact of yesterday’s disaster in downtown New York.

While North American markets are closed across the board, Brazil’s market is open, and the Bovespa index is up about 4.2%, gaining 454 points to 11,282.

A decision on tomorrow’s opening will be made later today. SEC chairman Harvey Pitt told a New York affiliate of CBS that he hopes U.S. markets open tomorrow, but the SEC is not confirming that decision. Serious questions remain about the ability of New York’s basic infrastructure to handle reopened markets.

In Europe, stocks rebounded as insurers recovered massive losses suffered yesterday in the wake of the attack. Drug and utility stocks also recovered.

The FTSE closed up 136 points today to 4,882. The CAC 40 gained 54.5 points to 4,114. The DAX added 93.5 points to close at 4,363. Minor European markets in Italy, Holland and Switzerland also rose.

The Canadian dollar is seeing a small rise in very thin trading.

The Federal Reserve has added an unusually large US$38.25 billion in temporary reserves to the U.S. banking system to ensure market liquidity.

In business news, Empire Company reports net earnings were $48.6 million ($1.48 per share) in its first quarter, compared with $512.3 million in the first quarter last year. Included in net earnings last year was a gain on the sale of Empire’s investment in Hannaford Bros. Co. equal to $573.5 million after tax, net of other items totalling negative $87.1 million.

Brookfield Properties Corporation is set to make a normal course issuer bid to purchase up to 8,165,400 of its common shares.