  We analyze the dynamical response of the world's financial community to
various types of unexpected events, including the 9/11 terrorist attacks as
they unfolded on a minute-by-minute basis. We find that there are various
'species' of news, characterized by how quickly the news get absorbed, how much
meaning and importance is assigned to it by the community, and what subsequent
actions are then taken. For example, the response to the unfolding events of
9/11 shows a gradual collective understanding of what was happening, rather
than an immediate realization. For news items which are not simple economic
statements, and hence whose implications are not immediately obvious, we
uncover periods of collective discovery during which collective opinions seem
to oscillate in a remarkably synchronized way. In the case of a rumour, our
findings also provide a concrete example of contagion in inter-connected
communities. Practical applications of this work include the possibility of
producing selective newsfeeds for specific communities, based on their likely
impact.
