History of Wall Street in Timeline

Wall Street, located in New York City's Financial District, is a street that has become synonymous with American financial markets and the financial services industry. The term represents New York-based financial interests and the broader Financial District. New York City, anchored by Wall Street, is considered a major global fintech and financial hub.

1905: Post office built at 60 Wall Street

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

1911: Midtown as a Financial Hub

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

1913: Stock clerks protested stock transfer tax

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

September 16, 1920: Wall Street bomb explosion

On September 16, 1920, a powerful bomb exploded close to the corner of 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

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

September 1929: Peak of the stock market

September 1929 was the peak of the stock market.

October 3, 1929: Market starts to slip

On October 3, 1929, the stock market started to slip and continued throughout the week of October 14.

October 1929: Stock market crash

In October 1929, Yale economist Irving Fisher reassured investors that their "money was safe" on Wall Street. A few days later, on October 24, stock values plummeted, and the stock market crash of 1929 ushered 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 reduced

Before 1960, the margin requirement to purchase stocks was reduced four times, each time stimulating a mini-rally and boosting volume. The Federal Reserve reduced the margin requirements from 90% to 70%.

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. Reforms were instituted; the Securities & Exchange Commission eliminated fixed commissions.

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 allowed to buy and sell stocks

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

1983: Undercover drug bust

In 1983, Federal drug agents watched an undercover agent learn the ways, the wiles and the conventions of Wall Street's drug subculture, bust took place in a 1983 Chevrolet Camaro.

September 1985: Hurricane Gloria

In September 1985, The NYSE was closed due to Hurricane Gloria.

1987: Release of the Movie 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, and the surrounding area lost 100,000 jobs.

1995: Growth of the financial sector

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 deal

In 1998, the NYSE and the city struck a $900 million deal which kept the NYSE from moving across the river to Jersey City.

September 11, 2001: World Trade Center destroyed

On September 11, 2001, the World Trade Center was destroyed, crippling the communications network and destroying many buildings in the Financial District. After September 11, the financial services industry went through a downturn with a sizable drop in year-end bonuses of $6.5 billion.

2005: Growth of the financial sector

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

2006: Years of economic downturn

Between 2006 and 2010, the heartland of America was "mired in gloom" with high unemployment and falling house prices.

2006: Financial services industry

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

2007: Start of 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 which began in 2007.

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.

2008: Federal Reserve took action

In 2008, Federal Reserve chairman Ben Bernanke worked holidays and weekends to bolster U.S. banks and allowed Wall Street firms to borrow "directly from the Fed" through the Fed's Discount Window.

2008: Lehman Bankruptcy and Firesale Buyouts

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: Downturn in the stock market

In 2008, after a downturn in the stock market, the decline meant $18 billion less in taxable income.

2008: "Wall Street West" Impact on Jersey City

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

2008: Wall Street firms employed close to 200,000 persons

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

2009: Bank of America Buys Merrill Lynch

In 2009, Bank of America bought Merrill Lynch, while some "old guard" firms such as Goldman Sachs have remained "fiercely loyal to the Financial District".

2009: Stone's Reflection on Wall Street's Influence

In 2009, Oliver Stone commented how the film "Wall Street" had an unexpected cultural influence, causing many young people to choose Wall Street careers because of the film.

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. However, Manhattan property prices showed signs of rebounding.

2009: Wall Street Employment Wages in New Jersey

In 2009, the 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: Criticism of Wall Street Bonuses

In 2009, there was significant criticism of Wall Street firms reaping massive profits and bonuses after being saved by taxpayer money, with calls for public apologies and expressions of contrition.

2010: Years of economic downturn

Between 2006 and 2010, the heartland of America was "mired in gloom" with high unemployment and falling house prices.

2010: Resurrection of Wall Street

By 2010, Wall Street firms were "getting back to their old selves as engine rooms of wealth, prosperity and excess". There was a "phoenix-like resurrection" of the area, with residential, commercial, retail and hotels booming.

2010: Continued Impact of 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 Continues

From 2007 to 2010, Wall Street financing was blamed as one of the causes of the subprime mortgage crisis. The U.S. government implemented the Troubled Asset Relief Program (TARP) to bail out banks.

2010: Federal Reserve took action

In 2008, Federal Reserve chairman Ben Bernanke worked holidays and weekends to bolster U.S. banks and allowed Wall Street firms to borrow "directly from the Fed" through the Fed's Discount Window. From the perspective of 2010, it appeared the Federal exertions had been the right decisions.

2010: Scaramucci's Piñata Analogy

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

2010: Rebounding Property Prices and Bonuses

In 2010, 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: Richard Ramsden's Defense of Risk-Taking

In 2010, Richard Ramsden, chief banking analyst at Goldman Sachs, defended risk-taking as vital and saw banks as dynamos powering the economy.

September 2011: Occupy Wall Street movement

Beginning in September 2011, the Occupy Wall Street movement 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: City's securities industry

In 2012, the city's securities industry accounted for 5 percent of private sector jobs in New York City, 8.5 percent 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, enumerating 163,400 jobs, continues to form the largest segment of the city's financial sector and an important economic engine.