NYSE Euronext (NYX) & The Most Famous Building on Wall Street

Page 1 of 2

NYSE EuronextOn this day in economic and business history…

The New York Stock Exchange — the larger part of NYSE Euronext (NYSE:NYX) — moved into its present home on 18 Broad Street (on the corner of Broad and Wall Street) on April 22, 1903. It was an architectural marvel for its time, with a massive open trading floor without any supporting columns, huge windows, six miles of pneumatic tubes for routing orders, and one of the world’s first air-conditioning systems. Even if you’ve never visited this iconic location, you’re probably well-acquainted. It is one of the most famous buildings in the world:


Source: Dave Winer via Flickr.

The Exchange also has one of the most iconic sculptures in the world standing near its doors, called simply Charging Bull. The bronze statue in Bowling Green has become a symbol of New York’s financial sector ever since it was installed following the 1987 market crash:


Source: Rob Jamieson via Flickr.

Where else might you have seen the current building? Well, beyond the many market-focused films, you might have seen Bane hijack the “Gotham Stock Exchange” in The Dark Knight Rises. Those scenes were shot in the New York Stock Exchange building. Bane’s efforts have been compared to the modus operandi of Occupy Wall Street, and those protests were localized near the exchange. So many protestors camped out near the bull sculpture that it remained fenced off for months after the protests ended.

Many companies choose to visit the New York Stock Exchange to ring the ceremonial opening bell when they complete an IPO, and these events now bring some of the largest crowds to a largely automated exchange. After all, billions of daily trades couldn’t be handled by a bunch of stock jockeys yelling numbers at screens. The automation of the New York Stock Exchange has, unfortunately, had the side effect of making dramatic market moves less human, as there’s no longer a swarm of traders on the floor. Many of the market’s wildest days occurred before the advent of computerized trading, when hundreds or thousands of traders and support staff made frantic efforts to profit (or at least minimize their losses):

March 15, 1933: The Dow Jones Industrial Average (Dow Jones Indices:.DJI) gains more than 15% after the resumption of trading following President Franklin D. Roosevelt’s bank holiday.

Oct. 19, 1987: Black Monday sends the Dow plummeting nearly 23%. Program trading (a precursor to high-frequency trading) is blamed, marking an unofficial shift toward remote electronic trading.

Oct. 28 and Oct. 29, 1929: The unofficial beginning of the Great Depression was this sharp two-day break that began the Crash of 1929. Traders were remarkably optimistic at the close of both days, despite the Dow Jones Industrial Average (Dow Jones Indices:.DJI)’s 23% loss.

However, that’s not to say that wild swings went away when the traders left the floor. Some of the Dow Jones Industrial Average (Dow Jones Indices:.DJI)’s wildest days occurred during the period near the dot-com bubble peak and during the financial crisis of 2008. These events simply occurred without the familiar trope of traders yelling “buy, buy!” or “sell, sell!” at 18 Broad Street as a backdrop.

Page 1 of 2
Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 10 Largest Pharmaceutical Companies In the World

The 10 Most Expensive Android Apps

The 9 Most Expensive Designer Bags in the World

The 7 Most Expensive Real Estate in the World

The 10 Most Expensive eBay Items Ever Sold

The 10 Most Expensive iPhone Apps

The 9 Most Expensive Designer Shoes in the World

The 10 Most Expensive Cigarette Brands

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!