Where is Wall Street?
When does the history of Wall Street go back?
When was the Wall Street Journal born?
What is the symbol of Wall Street?
Who was the Wolf of Wall Street?
Where is Wall Street?
Let’s start with where exactly Wall Street is. Wall Street is a street in the southern part of Manhattan, New York, where the main building of the New York Stock Exchange (NYSE), Nasdaq (NASDAQ), the American Stock Exchange (AMEX) and many other major financial markets, along with the world’s largest banks and investment companies, is located.
In order to get to know more about Wall Street, we must say that its length is less than one kilometer, and you will not need more than ten minutes to walk to the end of it. The name Wall Street is now more than just a street, it is a symbol of the financial markets. This issue has been established to such an extent that in the American financial markets, they often use the word The Street instead of Wall Street.
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Wall Street in the United States
Wall Street has always been an important place in the United States. Even the first president of the United States, George Washington, was sworn in at the Federal Building on Wall Street.
Federal Building on Wall Street
But maybe your next question is why should the name of a street be changed to Wall Street?!
The subject goes back to the 17th century. Manhattan was an area where most of its inhabitants were Dutch immigrants. The Dutch in this area built a wooden wall in 1653 to defend themselves against the British and Native Americans. Of course, later the Dutch left their turbidity with the enemies and the wall was destroyed in 1699, but the name of Wall Street remained in this area.
History of Wall Street
The Wall Street area is very close to the ports of New York. This made Wall Street a bustling business center in the 1700s. But the recognition of Wall Street as a business center dates back to 1792. When 24 of the most well-known businessmen and businessmen of the United States signed a contract called The Buttonwood. This agreement described the common form of commission-based bond exchange.
In fact, these businessmen tried to create a kind of private stock exchange. A market where only members of the agreement could buy and sell. It is said that this agreement was signed under a tree in the same area. This form of market was common in the Wall Street area until 1865. Merchants gathered at the intersection of Wall Street and Broad Street and engaged in trading.
History of Wall Street
Little by little, Wall Street grew and large stock exchanges, brokerage firms, banks and other financial centers were established there. After the First World War, with the decline of the European economy, New York surpassed London and became the largest and most important financial center in the world. Naturally, the financial center of New York was nowhere but Wall Street. Since then, Wall Street has become the leader of all financial markets in the world.
The moment the Wall Street Journal was born
On July 8, 1889, Charles Dow, Edward Jones, and Charles Bergstresser launched the Wall Street Journal. A four-page newspaper that was published every afternoon and covered financial and business news.
It was this newspaper that first proposed the idea of a benchmark list of companies and their stock prices. The Wall Street Journal later published the industrial average index. As well as the price of bonds, futures, the average initial rate of bank loans and any other information you can think of.
The Wall Street Journal was the most authoritative source for prices in the financial markets for nearly a century, and it only gave up that position when technology advanced enough that anyone could see prices in real time over the Internet. Even after the internet has gone viral, the Wall Street Journal is still recognized as a reliable source of financial information.
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Stock Exchange and Wall Street
Looking at the history of the stock exchange, we find out that many of the most important stock markets in the world are located on Wall Street. In the following, we will have a brief introduction of the most important of these markets:
New York Stock Exchange (NYSE)
The New York Stock Exchange is bigger than any other market in terms of the volume of transactions and the value of accepted companies. Big companies such as Boeing, Alibaba, and Bank of America offer their shares on the New York Stock Exchange.
New York Stock Exchange Building
New York Stock Exchange
Nasdaq Stock Market (NASDAQ)
Nasdaq Stock Exchange (NASDAQ) was founded in 1971. The word NASDAQ is taken from the beginning of the words (National Association of Securities Dealers Automated Quotations). The reason for the creation of this market was the possibility of entering stock prices electronically.
If we want to compare “Nazdek” with an example in our own country, we can compare it to over-the-counter. Because, just like over-the-counter, Nasdaq was created so that the exchange of shares that did not have the prerequisites to enter larger markets such as the New York Stock Exchange would not lose the possibility of being on the stock exchange.
The electronic nature of the transactions also made the shares that used to be traded over the phone now be traded electronically and are available to everyone.
Nasdaq Stock Exchange
American Stock Exchange (AMEX)
AMEX stands for American Stock Exchange. In 2008, it was acquired by American Euronext NYSE and in the following years it was known as Amex Equities and NYSE MKT.1. Today, this market is known as NYSE American and smaller stocks are traded there.
American stock market
Occupy Wall Street Movement
On September 17, 2011, hundreds of people gathered in Zuccotti Park in Manhattan’s financial district to protest social and economic inequality. They came to that area following the invitation of the Canadian Adbusters magazine. This was the beginning of protests that lasted until March of the following year, that is, about four months.
The protesters wanted to eliminate the access and influence of companies and financial giants in the policies of the American government. The main slogan of the protesters was: “We are 99%”. This slogan pointed to the existence of inequality in America and that most of the country’s wealth is in the hands of a very few people.
Zucetti Park Wall Street
Two months after the protests started on November 15, the police tried to disperse the people and this caused the protests to turn violent. In the following days, protesters occupied many banks, corporate headquarters, and university campuses.
Occupy Wall Street
During the protests, the image of a woman dancing on the symbolic cow statue on Wall Street became a symbol for these protests.
Symbol of the Wall Street movement
Wild Bull Symbol of Wall Street
You probably know that in the financial markets, the wild bull symbolizes the bullishness of the market and the bear symbolizes the bearishness of the market. The original origin of these two words is not definitely known, but there are two main guesses about the origin of these words: The first guess is that these two terms are taken from the way these two animals fight.
Due to the fact that a cow raises its horns when attacking an enemy, the upward trend of the market is called a bull, and because a bear takes its claws down and fights with its rival, the name bear is used to describe a downward market.
But the second guess connects this naming to a historical issue. In the distant past, there were brokers who sold bear skins. They pre-sold bear skins to customers at the price of the same day, and because they believed that the price would decrease in the near future, they profited from the difference between the current purchase price and the pre-sale price by paying a lower amount to the hunters when the skin was delivered.
These people were known as “bears”. Because these people predicted the downward trend of the price, some believe that the root of the term “bear market” was taken from them. In justifying the term “bull market”, they also refer to the historical struggles of the wild bull and the bear and believe that throughout history, the bull has always been the opposite of the bear, the
wild bull of Wall Street.
It is interesting to know that the statue of the wild bull of Wall Street weighs about 3.2 tons and measures about 3.4×4.9 meters. This statue was built in 1989 and installed on Wall Street. In 2017, on the occasion of International Women’s Day, a statue of a girl was installed opposite the angry cow statue, which was a symbol of women’s courage and encouraging companies to use more women in management positions, as well as equal working conditions for women and men. Of course, later and with the complaint of the creator of this statue, they moved it from this place to another place and installed it.
A statue of the fearless girl in front of the wild bull of Wall Street
Who was the Wolf of Wall Street?
The name Wolf of Wall Street probably reminds you of the movie of the same name starring Leonardo DiCaprio. This movie is based on the real life of former American stockbroker Jordan Ross Belfort. With his new methods, he was able to achieve a lot of wealth in the American financial markets.
the wolf of Wallstreet
Of course, all the activities of “Jordan Belfort” were not legal, and for this reason, he spent 22 months in prison for fraud and money laundering in the stock market. Jordan Belfort later wrote a book about his life called “The Wolf of Wall Street” and Martin Scorsese turned it into a movie of the same name.
Jordan Belfort later worked as a lecturer in the field of entrepreneurship. At one point, Jordan Belfort’s book won the New York Times bestseller title. This book has been translated and is available in our country under the name “Wolf’s Way”.
The Way of the Wolf by Jordan Belfort
The summation of
Wall Street in the financial markets is more than the name of a street. The largest and most important financial markets in the world are located on Wall Street. This street became the center of financial exchanges from the beginning of the 18th century and has maintained its position until today.
One of the important events that happened during the life of this street is the Occupy Wall Street movement, which affected all financial markets for four months. Also, many movies and books have been made and written centered on Wall Street, all of which show the importance of this street.