History of Wall Street in Timeline

Wall Street, located in New York City's Financial District, is an eight-block street that has become synonymous with the U.S. financial markets and the American financial services industry. Serving as an anchor for New York, it is considered the world's leading fintech and financial hub. The term "Wall Street" is often used as a metonym to represent the entire U.S. financial system and New York-based financial interests.

1905: A post office was built at 60 Wall Street

In 1905, a post office was built at 60 Wall Street.

1911: Midtown becoming locus of financial services dealings

By 1911, there were indications that midtown had been becoming the locus of financial services dealings.

1913: Stock clerks protested a $4 stock transfer tax

In 1913, stock clerks protested against authorities' proposal of a $4 stock transfer tax.

September 16, 1920: Bomb exploded near Wall and Broad Street

On September 16, 1920, a powerful bomb exploded near the corner of Wall and Broad Street, killing 38 and injuring 143 people. The perpetrators were never identified, but the event fueled the Red Scare.

1920: Economy changed from agricultural to industrial to financial

In 1920, the economy had changed from agricultural to industrial to financial and New York maintained its leadership position.

1921: Bomb threat led to sealing off the area

In 1921, a bomb threat led detectives to seal off the Wall Street area to prevent a repetition of the 1920 Wall Street bomb explosion.

September 1929: Peak of the stock market

September 1929 was the peak of the stock market.

October 3, 1929: Market started to slip

On October 3, 1929, the stock market started to slip.

October 1929: Stock values plummeted

In October 1929, stock values plummeted, ushering in the Great Depression.

1946: Stocks could not be purchased "on margin"

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.

1947: Stocks could not be purchased "on margin"

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.

1960: Margin requirement was reduced

In 1960, the Federal Reserve reduced the margin requirements from 90% to 70% making it easier for investors to buy stocks on credit.

1967: Trading volume hit 7.5 million shares a day

In 1967, trading volume hit 7.5 million shares a day causing a "traffic jam" of paper.

1973: Financial community posted a collective loss

In 1973, the financial community posted a collective loss of $245 million, which spurred temporary help from the government and reforms were instituted.

1975: SEC threw out the NYSE's "Rule 394"

In 1975, the SEC threw out the NYSE's "Rule 394" which had required that "most stock transactions take place on the Big Board's floor", in effect freeing up trading for electronic methods.

1976: Banks were allowed to buy and sell stocks

In 1976, banks were allowed to buy and sell stocks, providing more competition for stockbrokers.

1983: Wall Street drug dealer

In 1983, a Wall Street drug dealer was caught selling cocaine in her Chevrolet Camaro.

September 1985: Hurricane Gloria

The NYSE was closed for weather-related reasons due to Hurricane Gloria in September 1985.

1987: Release of the film Wall Street

In 1987, the Oliver Stone film Wall Street was released, creating the iconic figure of Gordon Gekko who used the phrase "greed is good".

1987: Stock market plunged

In 1987, the stock market plunged, and the surrounding area lost 100,000 jobs.

1995: Sector grew at an annual rate

Between 1995 and 2005, the sector grew at an annual rate of about 6.6% annually.

1998: Tax incentives offered to keep NYSE in Financial District

In 1998, city authorities offered substantial tax incentives to try to keep the New York Stock Exchange in the Financial District.

1998: NYSE and city struck a deal to prevent relocation

In 1998, the NYSE and the city struck a $900 million deal to keep the NYSE from moving to Jersey City.

September 11, 2001: World Trade Center was destroyed

On September 11, 2001, the World Trade Center was destroyed, crippling the communications network and destroying many buildings in the Financial District.

2005: Sector grew at an annual rate

Between 1995 and 2005, the sector grew at an annual rate of about 6.6% annually.

2006: High unemployment and falling house prices

In 2006 the heartland of America was mired in gloom with high unemployment and average house prices falling from $230,000.

2006: Financial services industry work force and tax base

In 2006, the financial services industry made up 9% of the city's work force and 31% of the tax base.

2007: Start of Financial Services Job Losses in New Jersey

From 2007 to 2010, New Jersey lost 7.9 percent of its employment base in the financial services sector due to the subprime mortgage crisis.

2007: Financial services industry profit

In 2007, the financial services industry which had a $70 billion profit became 22 percent of the city's revenue.

2007: Subprime mortgage crisis begins

The subprime mortgage crisis began in 2007, and Wall Street financing was blamed as one of the causes.

2008: Troublesome period

In 2008 was a particularly troublesome period which caused Federal Reserve chairman Ben Bernanke to "work holidays and weekends" and which did an "extraordinary series of moves".

2008: Lehman bankruptcy, Bear Stearns bought by JPMorgan Chase, Merrill Lynch bought by Bank of America

In 2008, Lehman filed for bankruptcy, Bear Stearns was bought by JPMorgan Chase, forced by the U.S. government, and Merrill Lynch was bought by Bank of America. These failures marked a catastrophic downsizing of Wall Street.

2008: Decline in the stock market

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.

2008: "Wall Street West" employment contributes to one third of the private sector jobs in Jersey City

In 2008, the "Wall Street West" employment contributed to one third of the private sector jobs in Jersey City.

2008: Estimate of Wall Street firms employment

One estimate was that Wall Street firms employed close to 200,000 persons in 2008.

2009: Wall Street reaps "massive profits and bonuses"

Analyst William D. Cohan argued that it was "obscene" how Wall Street reaped "massive profits and bonuses in 2009" after being saved by "trillions of dollars of American taxpayers' treasure" despite Wall Street's "greed and irresponsible risk-taking".

2009: Bank of America buys Merrill Lynch

In 2009, Merrill Lynch had been bought by Bank of America, but firms such as Goldman Sachs and Merrill Lynch have remained "fiercely loyal to the Financial District" location.

2009: Oliver Stone comments on the film's influence

In 2009, Oliver Stone commented how the film Wall Street had had an unexpected cultural influence, not causing them to turn away from corporate greed, but causing many young people to choose Wall Street careers because of the film.

2009: 65,000 jobs lost

In 2009, one analysis suggested that 65,000 jobs had been permanently lost because of the economic downturn.

2009: Wall Street employment wages were paid in the amount of almost $18.5 billion in the state

In 2009, the Wall Street employment wages were paid in the amount of almost $18.5 billion in the state of New Jersey. The industry contributed $39.4 billion or 8.4 percent to the New Jersey's gross domestic product in the same year.

2010: High unemployment and falling house prices

By 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 that despite the setbacks, the American economy was once more "bouncing back".

2010: Firms were getting back to their old selves

By 2010, Wall Street firms were "getting back to their old selves as engine rooms of wealth, prosperity and excess".

2010: Continued Financial Services Job Losses in New Jersey

From 2007 to 2010, New Jersey lost 7.9 percent of its employment base in the financial services sector due to the subprime mortgage crisis.

2010: Perspective of Federal exertions

From the perspective of 2010, it appeared the Federal exertions had been the right decisions.

2010: Anthony Scaramucci tells President Barack Obama that he felt like a piñata

In 2010, Anthony Scaramucci reportedly told President Barack Obama that he felt like a piñata, "whacked with a stick" by "hostile politicians".

2010: Richard Ramsden sees banks as dynamos

In 2010, Richard Ramsden, chief banking analyst at Goldman Sachs, is "unapologetic" and sees "banks as the dynamos that power the rest of the economy". Ramsden believes "risk-taking is vital".

2010: Manhattan property prices rebounding; bonuses paid

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.

2010: Subprime mortgage crisis ends

The subprime mortgage crisis lasted from 2007 to 2010, and Wall Street financing was blamed as one of the causes.

September 2011: Occupy Wall Street movement protested

Beginning in September 2011, the Occupy Wall Street movement disenchanted with the financial system protested in parks and plazas around Wall Street.

October 29, 2012: Hurricane Sandy disrupted Wall Street

On October 29, 2012, Wall Street was disrupted when New York and New Jersey were inundated by Hurricane Sandy. The NYSE was closed for weather-related reasons.

2012: Percentage of private sector jobs

In 2012 the city's 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, including an average salary of US$360,700.

August 2013: Enumerating jobs in city

The city's securities industry, enumerating 163,400 jobs in August 2013, continues to form the largest segment of the city's financial sector and an important economic engine, accounting in 2012 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, including an average salary of US$360,700.