When Wall Street’s doors reopened yesterday for the first time since last Tuesday’s terrorist attacks in New York and Washington, major airline stockholders had one word on their mind—sell.

By early afternoon, key industry players including American, Continental, Delta, United and US Airways were all reporting losses of at least 40 percent. By the end of the day, the Dow Jones industrial average had plummeted a record 684.81 points.

The sharp decline in stock value comes during a time of turmoil for the nation’s airline industry, which faces profit losses of up to $1 billion, widespread consumer fear, major staff cuts, and a threat of imminent bankruptcy if a federal aid package is not soon passed by congress.

“The industry today is at risk, and that’s a critical national issue because of the role the airlines play in the overall economy,” said David J. Messing, a spokesperson for Continental Airlines, the country’s fifth largest carrier.

Continental Airlines stock suffered the greatest blow, having fallen $19.59, or 49.2 percent, to $20.77 when the market closed yesterday.

According to Messing, the decline is due to Continental’s recent willingness to speak out about national aviation issues. Last Friday, Continental Airlines Chair and Chief Executive Officer Gordon M. Bethune told the New York Times that the airline industry would go bankrupt by the end of the year without federal aid.

“In a way, we’ve become a lightning rod,” Messing said. “Other people were too shy to talk about it.”

Over the weekend, Continental announced that it would lay off 12,000 empl—21 percent of its workforce.