Wednesday, May 5, 2010

Wall Street – Mirroring America’s Economy

Physical location

We think of the Wall Street as the financial center of the world. It is actually America’s influential financial interests or its financial market. In this narrow street, where life is fast-paced with hurrying crowd, towering sky-scrapers and massive riches, people find each other reach the heights of wealth, sometimes hastened with a touch of greed and sometimes for mere personal or business goals.

Centered in the New York City area, Wall Street is a street in Lower Manhattan running east from Broadway to South Street on the East River through the Financial District where New York’s major financial institutions are found. Wall Street is the permanent home of the New York Stock Exchange (NYSE).

The Financial District of Wall Street is also the headquarters of the U.S. economy as major stock and other exchanges take place including National Association of Securities Dealers Automated Quotations (NASDAQ), American Stock Exchange (AMEX), New York Mercantile Exchange (NYMEX) and New York Board of Trade (NYBOT).

How Wall Street got its name and origin of the stock market

In 1644, a strengthened 12-foot (4m) wall was built in the location which is presently New York City, by the Dutch West India Company to protect the place from attacks of the Native Americans tribes. In 1699, this wall was dismantled by the British colonial government. But the place is already called Wall Street.

Towards the end of the 18th century, at the foot of Wall Street was a buttonwood tree where speculators and traders gathered to informally trade. That was the time when economy was not as established since the country was still young. These traders eventually formalized their association later in 1792 with a Buttonwood Agreement. This started the stock market and New York Stock Exchange.


In 1789, Wall Street was the venue of the first presidential inauguration of the United States of America. The first president of USA’s George Washington took his oath of office on April 30, 1789 overlooking Wall Street on the balcony of Federal Hall. This also was the location of the passing of the Bill Of Rights.

In 1889, Customer’s Afternoon Letter, the original stock report, became The Wall Street Journal. This daily business newspaper published in New York is now internationally influential, with widest circulation in the United States second to USA Today. This newspaper, named after the actual Wall Street in New York is owned by Rupert Murdoch’s News Corporation since 2007.

The world’s economy continuously goes up and down. To be updated and informed, the world eyes on the trends and transactions happening in Wall Street.

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