By Dave Caplan
The New York Stock Exchange is located at 11 Wall Street in lower Manhattan. In terms of market capitalization it is by far the largest stock exchange in the world. With an average daily trading volume of over 169 billion dollars, it’s listed companies represent over 16 trillion dollars in market capitalization.
Long before trading began on the floor of the exchange, brokers signed what was called the Buttonwood Agreement in 1792. This agreement set down the earliest rules and regulations for trading. On May 17th of that year 24 stockbrokers assembled under a Buttonwood tree outside of 68 Wall Street and signed the agreement. Some of the first securities traded were war bonds from the Revolutionary War and 1st Bank of New York stock.
In 1817 brokers operating under the Buttonwood Agreement reformed and Renamed itself The New York Stock and Exchange Board, which was later shortened to the New York Stock Exchange. Brokers went from trading under a tree to meeting at coffee houses and eventually renting spaces specifically for business. In 1904 the gorgeous building we now know as the New York Stock Exchange opened for business and was well on its way to becoming the financial capital of the world.
One of the more notable events in the history of the NYSE was the Black Thursday crash of the exchange which many feel lead to the Great Depression. On 10/19/1987 the market dropped 508 points, the largest single drop in its history a 22.6% loss. And in the aftermath of the attacks of 9/11 the market closed for 4 sessions the only time it has been closed for more than one day since 1933.
And believe me the history of the NYSE is “No Bull”.
Last week’s trivia answer- The Jewish Museum is located at 5th Ave and 93rd st.
Last week’s mystery photo- Sledding in Central Park