Wall Street is a street located in the Financial District of Lower Manhattan, New York City. Extending eight blocks, it runs between Broadway and South Street. More broadly, "Wall Street" is used as a metonym to represent the U.S. financial markets, the American financial services sector, or New York-based financial entities. New York, with Wall Street at its core, is often regarded as the world's leading fintech and financial hub.
In 1905, a post office was built at 60 Wall Street.
By 1911, there were indications that midtown was becoming a center for financial services dealings.
In 1913, stock clerks protested when authorities proposed a $4 stock transfer tax.
On September 16, 1920, a powerful bomb exploded close to Wall and Broad Street, killing 38 and seriously injuring 143 people. The perpetrators were never identified, but the explosion helped fuel the Red Scare.
In 1921, a bomb threat led detectives to seal off the Wall Street area to prevent a repetition of the Wall Street bomb explosion.
September 1929 marked the peak of the stock market.
On October 3, 1929, the stock market started to decline, continuing throughout the week of October 14.
In October 1929, economist Irving Fisher reassured investors, and a few days later, on October 24, stock values plummeted, ushering in the Great Depression. This era saw widespread unemployment and stagnation in the Financial District.
From 1946 to 1947, stocks could not be purchased "on margin", meaning that an investor had to pay 100% of a stock's cost without taking on any loans.
From 1946 to 1947, stocks could not be purchased "on margin", meaning that an investor had to pay 100% of a stock's cost without taking on any loans.
Before 1960, the margin requirement was reduced four times, each time stimulating a mini-rally and boosting volume, and when the Federal Reserve reduced the margin requirements from 90% to 70%. These changes made it somewhat easier for investors to buy stocks on credit.
In 1967, trading volume hit 7.5 million shares a day, causing a "traffic jam" of paper and requiring clerks to work overtime.
In 1973, the financial community posted a collective loss of $245 million, spurring temporary government help. The Securities & Exchange Commission (SEC) eliminated fixed commissions.
In 1975, the SEC eliminated the New York Stock Exchange's (NYSE) "Rule 394", freeing up trading for electronic methods.
In 1976, banks were allowed to buy and sell stocks, increasing competition for stockbrokers.
In 1983, a Wall Street drug dealer was observed selling cocaine from her 1983 Chevrolet Camaro to an undercover agent.
The NYSE was closed due to weather-related reasons due to Hurricane Gloria in September 1985.
In 1987, the Oliver Stone film "Wall Street" was released, creating the iconic figure of Gordon Gekko and popularizing the phrase "greed is good".
In 1987, the stock market plunged, resulting in a loss of 100,000 jobs in the surrounding area.
Between 1995 and 2005, the sector grew at an annual rate of about 6.6%.
In 1998, city authorities offered substantial tax incentives to try to keep the New York Stock Exchange in the Financial District.
In 1998, the New York Stock Exchange (NYSE) and the city reached a $900 million deal to prevent the NYSE from moving to Jersey City.
On September 11, 2001, the destruction of the World Trade Center crippled communications and damaged buildings in the Financial District. The NYSE reopened on September 17.
Between 1995 and 2005, the sector grew at an annual rate of about 6.6%.
In 2006, it was estimated that the financial services industry made up 9% of the city's work force and 31% of the tax base.
In 2006, the average house prices were falling from $230,000. Between 2006 to 2010 the heartland of America was "mired in gloom" with high unemployment around 9.6% .
From 2007 to 2010, New Jersey would lose 7.9 percent of its employment base in the financial services sector due to the subprime mortgage crisis.
In 2007, the financial services industry had a $70 billion profit and became 22 percent of the city's revenue.
In 2008, "Wall Street West" employment contributed to one third of the private sector jobs in Jersey City, marking a significant impact of Wall Street activities beyond New York City.
In 2008, Lehman Brothers filed for bankruptcy, Bear Stearns was bought by JPMorgan Chase with U.S. government intervention, and Merrill Lynch was acquired by Bank of America. These failures signified a major downsizing of Wall Street and restructuring within the financial industry.
In 2008, after a downturn in the stock market, the decline meant $18 billion less in taxable income, with less money available for apartments, furniture, cars, clothing and services.
In 2008, it was estimated that Wall Street firms employed close to 200,000 persons.
In the first months of 2008, Federal Reserve chairman Ben Bernanke worked "holidays and weekends" and did an "extraordinary series of moves".
In 2009, Merrill Lynch, an "old guard" firm, was bought by Bank of America but remained "fiercely loyal to the Financial District".
In 2009, Oliver Stone commented on how the film "Wall Street" had an unexpected cultural influence, causing many young people to choose Wall Street careers because of the film.
In 2009, Wall Street employment wages were paid in the amount of almost $18.5 billion in New Jersey, contributing $39.4 billion or 8.4 percent to the state's gross domestic product.
In 2009, an analysis by the Boston Consulting Group suggested that 65,000 jobs had been permanently lost due to the economic downturn.
In 2009, there was controversy surrounding Wall Street reaping "massive profits and bonuses" after being saved by taxpayer money. Suzanne McGee of the Washington Post called for Wall Street to apologize to the nation.
By 2010, Wall Street firms were "getting back to their old selves", and the area experienced a "phoenix-like resurrection" with residential, commercial, retail, and hotels booming.
From 2007 to 2010, New Jersey lost 7.9 percent of its employment base in the financial services sector due to the fallout of the subprime mortgage crisis.
From 2007 to 2010, Wall Street financing was blamed as one of the causes of the subprime mortgage crisis.
From the perspective of 2010, it appeared the Federal exertions had been the right decisions.
In 2010, Anthony Scaramucci reportedly told President Barack Obama that he felt like a piñata, "whacked with a stick" by "hostile politicians", reflecting the criticism faced by the financial industry.
In 2010, Goldman Sachs' chief banking analyst, Richard Ramsden, defended banks as dynamos that power the economy and emphasized that risk-taking is vital.
In 2010, the heartland of America was "mired in gloom" with high unemployment around 9.6% and foreboding increases in the national debt to $13.4 trillion, but the American economy was once more "bouncing back". Between 2006 to 2010 the heartland of America was "mired in gloom" with high unemployment around 9.6% .
In 2010, there were signs that Manhattan property prices were rebounding with price rises of 9% annually, and bonuses were being paid once more, with average bonuses over $124,000.
Beginning in September 2011, the Occupy Wall Street movement protested the financial system in parks and plazas around Wall Street.
On October 29, 2012, Wall Street was disrupted by Hurricane Sandy, which caused massive street flooding. The NYSE was closed for weather-related reasons.
In 2012, the securities industry accounted for 5 percent of private sector jobs in New York City, 8.5 percent (US$3.8 billion) of the city's tax revenue, and 22 percent of the city's total wages.
In August 2013, the city's securities industry, with 163,400 jobs, accounted for 5 percent of private sector jobs, 8.5 percent (US$3.8 billion) of the city's tax revenue, and 22 percent of the city's total wages.
As of June 30, 2018, the New York Stock Exchange is the world's largest stock exchange per market capitalization of its listed companies, at US$28.5 trillion.
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