New York Stock Exchange (NYSE)
The New York Stock Exchange (NYSE) is the best known and most prestigious stock exchange in the world. It is located in downtown Manhattan at 11 Wall Street. The NYSE is operated by NYSE Euronext, and with the securities listed worth over $10 trillion at current prices, it is also the largest exchange in the world by market capitalization. The NYSE has a storied history and has really become a part of American culture. It is the symbol of American capital markets and indeed capitalism in general. The origins of the NYSE can be traced all the way back to May 17, 1792. On that date 24 stock brokers who worked on Wall Street signed what became known as the Buttonwood Agreement. On March 8, 1817 this organization renamed itself the New York Stock and Exchange Board. In 1835 the central location of the exchange was destroyed by the Great Fire of New York. In 1863 the organization changed its name to the one still used currently, the New York Stock Exchange, and two years later it moved to 10-12 Broad Street.
Famous people of the NYSE.
There have been many famous people associated with the NYSE, including many of the exchange's presidents who business and society leaders. A sculpture of John Quincy Adams adorns the entrance to the exchange. More recently, the head of the NYSE in the early 2000's, Richard Grasso, was put under investigation and subjected to intense public scrutiny over his inflated pay package of over $150 million.
The NYSE in popular American Culture.
The NYSE has really become part of the American identity. It is associated with both the best and worst of what America represents. While it is the symbol of American laissez faire capitalism and open markets, it has also become regarded as the epitome of American excess and corruption by financial engineers. This was best exemplified in the classic movie Wall Street, starring Michael Douglas and Charlie Sheen. The NYSE itself was actually featured several times in the movie and afterwards the image of the NYSE and the financial markets themselves had changed.
Most devastating of stock crashes of NYSE's history.
On October 24, 1929, a day named Black Thursday, the sell off panic started on the NYSE that precipitated what would become the Great Depression. On October 19, 1987 the NYSE fell over 22%, its second biggest one day drop ever. This was the beginning of a bear market that lasted for several years into the early 1990's. There were also "mini crashes" in 1989 and 1997.
Tours of the NYSE.
Tours of the interior of the NYSE are closed to the public indefinitely due to terrorist concerns. However people are welcome to visit the surround block and view the facade of the building. While this may not be as rewarding or interesting as seeing the inside operations of the exchange, it is still fun and gives you a sense of the atmosphere that surrounds the NYSE
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