New York City’s financial district is comprised of 0.7 miles equaling close to eight blocks where Wall Street positions itself. Wall Street is home to the New York Stock Exchange located at 11 Wall Street New York, New York. The New York Stock Exchange is the largest stock exchange in the world. It runs along the East River, in the lower part of Manhattan from Broadway to South Street. In today’s financial market, the New York Stock Exchange is the capital of all financial fairs not only in the United States, but all across the globe.
Wall Street is not only home to the New York Stock Exchange, but to many major banks and other financial brokerages in the U.S. When you think of Wall Street the first thing that comes to mind is the financial capital that most call home, the United States. This is where all capitalization occurs with all boundaries in the financial world.
History of Wall Street and New York Stock Exchange
Wall Street dates back to the 1600s when a 12 foot high stockade was created protecting Dutch settlers from river to river across the lower tip of Manhattan. It was put in place to protect the people from attacks that were occurring from the British, and some say Indians. Wall Street was laid out in 1685 by surveyors along the entire line of the stockade. History with the New York Stock Exchange began when the signing of the Buttonwood Agreement was commenced. The signing came from New York City merchants and stockbrokers in 1792 underneath a Buttonwood tree located at 68 Wall Street. All of the 24 signers drafted the constitution in 1817 and named its institute the New York Stock and Exchange Board. The agreement set all motions for the buying and selling of stocks to start which became the New York Stock Exchange.
The first company listed with the NYSE was the Bank of New York. The Bank of New York was one of five institutions traded in the beginning which led to most major financial companies following suit such as JP Morgan.
There have been many notable events that have affected NYSE. World War 1 was the first event that influenced the shutdown of the Exchange. In the beginning of the war the New York Stock Exchange closed down on July 31, 1914 and partially reopened in November to try and help the economics of the war by trading bonds.
October 24, 1929 marked a memorable and historic day. This is what is known as Black Thursday, the crash of the New York Stock Exchange. The crash is said to be the blame for the economic downgrades otherwise known as the Great Depression.
Moving forward to more recent events, in 1987 the biggest drop of 508 points with the Dow Jones took place. This was a 22.6% loss in one day of trading in which marked it the second ever largest point drop for a day. All trading was halted motivating NYSE officials to summons the circuit breaker.
Sadly, the attack of the World Trade Center which took place in September 2001 had a major effect on the exchange causing trading to cease for four days. This is one of the longest closing times in NYSE history. The attacks have also caused most banking and brokerages to migrate away from the financial district and to locate throughout New York City.
Visiting Wall Street
Visiting Wall Street and the New York Stock Exchange would be an exciting distraction for anyone. There are many shops, museums and other interesting benchmarks to boast upon on one of the most famous streets in the world.