The Rise Of Wall Street: History Of The Stock Market

Stock Market is an avenue from which stocks of companies are
bought and sold
For some, they thought that stock market and Wall Street are the
same Wall Street in New York is just one example of a stock
market
Wall Street though is very significant in a sense that this is
were the concept of stock market started
The Wall Street establishment was built in 1653 Its purpose
then is for defense and not for commerce Dutch settlers
fortressed themselves from Native Americans and British by
building a 12 foot stockade fence,
In 1685, the wall was torn down and replaced by a new street
The British named it Wall Street
The Stock Exchange
Wall Street is made famous with the emergence of two powerful
stock exchanges This resulted in the chaotic trading which
turned out to be the financial markets that we know today
The first stock exchange in the United States was founded in
1790 in Philadelphia Two years later, a group of New York
traders met and thought about setting up a security business
These 24-man groups are the founders of the New York Stock
Exchange
In 1817, the New York merchants were upset by the bad state of
their stock exchange They sent one of their members to
Philadelphia to take a look at their trading The representative
found out that Philadelphia is doing well in their exchange The
merchant returned to New York and discussed to the group how
things were being done in Philadelphia Shortly after, the “New
York Stock and Exchange Board” was formally organized
The exchange center was inaugurated on Wall Street The rest was
history From a troubled beginning, the New York Stock exchange
emerged as the place where billions of dollars worth of stocks
and bonds are traded each day
But the success of Wall Street did not happen overnight In the
early 1990’s, the New York Stock Exchange was already on the
rise But this financial boom could not be sustained In 1929,
the stock market crashed, shocked the world and caused the Great
Depression
Although the economy eventually recovered, the mistakes of the
Great Depression haunted them back In 1987, the stock market
again crashed The crash was so crippling that the Dow Jones
suffered the largest single-day loss in the stock market’s
history
Since then, the government and the industry have been trying to
set up measures to prevent such a large-scale crash Now, the
stock market is an essential component in the world’s economy
Proper safeguards and systems to reduce or prevent another stock
market crash are of utmost importance

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