The stock market has always fascinated people—it’s a place where fortunes are made and lost. The constant play between the bulls and bears has captivated millions, leading many to invest in hopes of making big gains. But few know how the stock market actually came into existence or understand its origins.
A Brief Look at the Past
The oldest known stock certificate was issued by a Dutch company in 1606, aimed at profiting from the spice trade with India and the Far East. During the 18th and 19th centuries, this trade shifted to England under Napoleon’s reign. As America developed as a British colony, Alexander Hamilton, the first U.S. Secretary of the Treasury, helped establish the American Stock Exchange. He played a key role in promoting trade on Wall Street and Broad Street in New York. In 1817, traders in New York organized the New York Stock and Exchange Board—now known as the New York Stock Exchange (NYSE).
A Quick Overview of Western Stock Markets
- Wall Street: This iconic street, where 18th-century trade and commerce flourished, is recognized worldwide. It got its name from the wall that ran alongside it, marking the northern boundary of New Amsterdam in the 17th century. Wall Street is famous for events like J.P. Morgan’s merger that created U.S. Steel Corporation, the Great Depression, and the “Black Monday” crash of 1987.
- NYSE (New York Stock Exchange): The NYSE, founded in 1792, is the oldest and most prominent stock exchange in the United States. It began with the Buttonwood Agreement, signed by 24 brokers and traders, establishing the New York Stock Exchange and Securities Board. Throughout the 20th and 21st centuries, the NYSE saw significant market swings. Notable milestones include the Dow Jones Industrial Average hitting 100 points and then 1,000 points in 1971, and reaching the 10,000 mark in 1999.
- NASDAQ: The National Association of Securities Dealers Automated Quotations (NASDAQ) is a virtual stock market where trading is done electronically. NASDAQ, established in 1971, is the largest global electronic stock exchange, operating in the U.S. with branches in Canada and Japan, and linked to Hong Kong and European markets. It deals in over-the-counter (OTC) stocks.
- AMEX (American Stock Exchange): Established in 1842, AMEX’s current name was given by Edward McCormick, a former SEC commissioner. Initially known as the New York Curb Exchange, AMEX deals primarily with smaller, more dynamic companies compared to NYSE, with some eventually making their way onto the NYSE board.
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