History of Wall Street in Timeline

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.

1905: Post office built at 60 Wall Street

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

1911: Financial Services Moving to Midtown

By 1911, there were indications that midtown was becoming a center for financial services dealings.

1913: Stock clerks protest a $4 stock transfer tax

In 1913, stock clerks protested when authorities proposed a $4 stock transfer tax.

September 16, 1920: Wall Street bombing

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.

1921: Bomb threat on Wall Street

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: Peak of the stock market

September 1929 marked the peak of the stock market.

October 3, 1929: The market started to slip

On October 3, 1929, the stock market started to decline, continuing throughout the week of October 14.

October 1929: Stock market crash of 1929

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.

1946: Stocks cannot 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 cannot 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 reduced.

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.

1967: Trading volumes climbed

In 1967, trading volume hit 7.5 million shares a day, causing a "traffic jam" of paper and requiring clerks to work overtime.

1973: Financial community posts collective loss

In 1973, the financial community posted a collective loss of $245 million, spurring temporary government help. The Securities & Exchange Commission (SEC) eliminated fixed commissions.

1975: SEC throws out NYSE's "Rule 394"

In 1975, the SEC eliminated the New York Stock Exchange's (NYSE) "Rule 394", freeing up trading for electronic methods.

1976: Banks allowed to buy and sell stocks

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

1983: Wall Street drug dealer

In 1983, a Wall Street drug dealer was observed selling cocaine from her 1983 Chevrolet Camaro to an undercover agent.

September 1985: Hurricane Gloria

The NYSE was closed due to 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 and popularizing the phrase "greed is good".

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1987: Stock market plunged

In 1987, the stock market plunged, resulting in a loss of 100,000 jobs in the surrounding area.

1995: Sector grew at an annual rate

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

1998: City offered tax incentives to keep the NYSE

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 strike a $900 million deal

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.

September 11, 2001: World Trade Center destroyed

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.

2005: Sector grew at an annual rate

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

2006: Financial services industry percentage

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.

2006: The heartland of America mired in gloom

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% .

2007: Start of Subprime Mortgage Crisis

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.

2007: Financial services industry profit

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

2008: Wall Street West Impact in Jersey City

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.

2008: Lehman Bankruptcy and Wall Street Downsizing

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.

2008: Downturn 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 firms employed close to 200,000 persons

In 2008, it was estimated that Wall Street firms employed close to 200,000 persons.

2008: Troublesome period

In the first months of 2008, Federal Reserve chairman Ben Bernanke worked "holidays and weekends" and did an "extraordinary series of moves".

2009: Bank of America Acquires Merrill Lynch

In 2009, Merrill Lynch, an "old guard" firm, was bought by Bank of America but remained "fiercely loyal to the Financial District".

2009: Cultural Impact of Wall Street Film

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.

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2009: Wall Street Employment Wages in New Jersey

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.

2009: Job Losses and Gloomy Outlook

In 2009, an analysis by the Boston Consulting Group suggested that 65,000 jobs had been permanently lost due to the economic downturn.

2009: Wall Street Profits and Bonuses Controversy

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.

2010: Resurrection of the area

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.

2010: Employment Loss in New Jersey due to Subprime Mortgage Crisis

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.

2010: Subprime Mortgage Crisis Fallout

From 2007 to 2010, Wall Street financing was blamed as one of the causes of the subprime mortgage crisis.

2010: Perspective of 2010

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

2010: Scaramucci's Piñata Comment to Obama

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.

2010: Richard Ramsden's Unapologetic View

In 2010, Goldman Sachs' chief banking analyst, Richard Ramsden, defended banks as dynamos that power the economy and emphasized that risk-taking is vital.

2010: The heartland of America mired in gloom

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% .

2010: Manhattan Property Rebound and Bonuses

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.

September 2011: Occupy Wall Street movement

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

October 29, 2012: Hurricane Sandy disrupts 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.

2012: The securities industry

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.

August 2013: City's securities industry

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.

June 30, 2018: Market capitalization of listed companies

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.