  Financial empirical correlation matrices of all the companies which both, the
Deutsche Aktienindex (DAX) and the Dow Jones comprised during the time period
1990-1999 are studied using a time window of a limited, either 30 or 60, number
of trading days. This allows a clear identification of the resulting
correlations. On both these markets the decreases turn out to be always
accompanied by a sizable separation of one strong collective eigenstate of the
correlation matrix, while increases are more competitive and thus less
collective. Generically, however, the remaining eigenstates of the correlation
matrix are, on average, consistent with predictions of the random matrix
theory. Effects connected with the world globalization are also discussed and a
leading role of the Dow Jones is quantified. This effect is particularly
spectacular during the last few years, and it turns out to be crucial to
properly account for the time-zone delays in order to identify it.
