HOME

TheInfoList




Wall Street is an eight-block-long street in the
Financial District This is a list of financial districts in cities around the world. Background A financial district is usually a central area in a city where financial services firms such as banks, Insurance company, insurance companies and other related financ ...
of
Lower Manhattan Lower Manhattan, also known as Downtown Manhattan or Downtown New York, is the southernmost part of Manhattan Manhattan (), known regionally as ''The City'', is the most densely populated and geographically smallest of the five boroughs ...

Lower Manhattan
in
New York City New York, often called New York City to distinguish it from New York State New York is a state State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly magazine published by the U.S. Department of ...

New York City
. It runs between
Broadway Broadway may refer to: Theatre * Broadway Theatre (disambiguation) * Broadway theatre, theatrical productions in professional theatres near Broadway, Manhattan, New York City, U.S. ** Broadway (Manhattan), the street **Broadway Theatre (53rd Str ...
in the west to South Street and the
East River The East River is a salt water tidal estuary An estuary is a partially enclosed coastal The coast, also known as the coastline or seashore, is defined as the area where land meets the sea or ocean, or as a line that forms the boundary be ...

East River
in the east. The term "Wall Street" has become a
metonym Metonymy () is a figure of speech A figure of speech or rhetorical figure is a word or phrase that entails an intentional deviation from ordinary language use in order to produce a rhetoric Rhetoric () is the Art (skill), art of p ...
for the financial markets of the United States as a whole, the American financial services industry, New York–based financial interests, or the Financial District itself. Wall Street was originally known in
Dutch Dutch commonly refers to: * Something of, from, or related to the Netherlands * Dutch people () * Dutch language () *Dutch language , spoken in Belgium (also referred as ''flemish'') Dutch may also refer to:" Castle * Dutch Castle Places * ...
as "de Waalstraat" when it was part of
New Amsterdam New Amsterdam ( nl, Nieuw Amsterdam, or ) was a 17th-century Dutch settlement established at the southern tip of Manhattan Manhattan (), known regionally as the City and the urban core of the New York metropolitan area, is the most dense ...

New Amsterdam
in the 17th century, though the origins of the name vary. An actual wall existed on the street from 1685 to 1699. During the 17th century, Wall Street was a
slave trading The history of slavery spans many cultures Culture () is an umbrella term which encompasses the social behavior Social behavior is behavior Behavior (American English) or behaviour (British English; American and British English spellin ...
marketplace and a securities trading site, as well as the location of
Federal Hall Federal Hall is a historic building at 26 Wall Street in the Financial District, Manhattan, Financial District of Manhattan, New York City. The name refers to two structures on the site: a Federal architecture, Federal style building completed in ...

Federal Hall
, New York's first city hall. In the early 19th century, both residences and businesses occupied the area, but increasingly business predominated, and New York City's financial industry became centered on Wall Street. In the 20th century, several
early skyscrapers The early skyscrapers were a range of tall commercial buildings built between 1884 and 1945, predominantly in the American cities of New York City New York City (NYC), often simply called New York, is the List of United States cities by po ...
were built on Wall Street, including
40 Wall Street
40 Wall Street
, once the world's tallest building. Wall Street is home to the world's two largest stock exchanges by total
market capitalization Market capitalization, commonly called market cap, is the market value of a publicly traded company A public company, publicly traded company, publicly held company, publicly listed company, or public limited company A public limited compan ...
, the
New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange A stock exchange, securities exchange, or bourse is an Exchange (organized market), exchange where stockbrokers and stock trader, traders can buy an ...

New York Stock Exchange
and
NASDAQ The Nasdaq Stock Market () is an American stock exchange A stock exchange, securities exchange, or bourse is an exchange Exchange may refer to: Places United States * Exchange, Indiana Exchange is an Unincorporated area, unincorpora ...
. Several other major exchanges have or had headquarters in the Wall Street area, including the
New York Mercantile Exchange The New York Mercantile Exchange (NYMEX) is a commodity futures exchange owned and operated by CME Group of Chicago. NYMEX is located at One North End Avenue in Brookfield Place (New York City), Brookfield Place in the Battery Park City section ...

New York Mercantile Exchange
, the
New York Board of Trade 250px, NYBOT in the building of the Mercantile Exchange in Manhattan's Brookfield Place (New York City), World Financial Center The New York Board of Trade (NYBOT, renamed ICE Futures US in September, 2007), is a physical commodity futures exch ...
, the New York Futures Exchange (NYFE), and the former
American Stock Exchange NYSE American, formerly known as the American Stock Exchange (AMEX), and more recently as NYSE MKT, is an American stock exchange A stock exchange, securities exchange, or bourse is an Exchange (organized market), exchange where stockbrokers ...
. To support the exchanges, many brokerage firms had offices "clustered around Wall Street". The direct economic impacts of Wall Street activities extend beyond New York City. Wall Street physically contains several banking headquarters and skyscrapers, as well as the
New York Stock Exchange Building The New York Stock Exchange Building (also the NYSE Building), in the Financial District This is a list of financial districts in cities around the world. Background A financial district is usually a central area in a city where financial ...
and
Federal Hall National Memorial Federal Hall is a historic building at 26 Wall Street in the Financial District, Manhattan, Financial District of Manhattan, New York City. The name refers to two structures on the site: a Federal architecture, Federal style building completed i ...

Federal Hall National Memorial
. The street is served by three
subway
subway
stations and a ferry stop.


History


Early years

There are varying accounts about how the Dutch-named "de Waalstraat" (literally:
Walloon Walloon may refer to: * Walloons, a French-speaking population of Belgium * Walloon language * Wallonia, Walloon Region or Wallonia in Belgium ** Government of Wallonia, Walloon Government * Walloon Lake * Walloon, Queensland See also

* ''The ...
Street) got its name. Two conflicting explanations can be considered. One explanation maintains that Wall Street was named after ''
Walloons Walloons (; french: Wallons ; wa, Walons) are a Romance Romance (from Vulgar Latin , "in the Roman language", i.e., "Latin") may refer to: Common meanings * Romance (love) Romance or Romantic love is an emotional feeling of love for, ...
'', the Dutch name for a ''Walloon'' being ''Waal''. Among the first settlers that embarked on the ship ''Nieu Nederlandt'' in 1624 were 30 Walloon families.
Peter Minuit Peter Minuit (between 1580 and 1585 – August 5, 1638) was from Tournai, in present-day Belgium. He was the 3rd Director of New Netherland, Director of the Dutch North American colony of New Netherland from 1626 until 1631, and 3rd Governor of ...
, the person who bought Manhattan for the Dutch, was a Walloon. The other is that the name of the street was derived from a wall or
rampart rampART was a squatting, squatted social centre in the Whitechapel area of east London. It was established in a derelict building in Rampart Street which was previously used as an Islamic school for girls. The centre operated as a private club, pr ...

rampart
(actually a wooden palisade) on the northern boundary of the
New Amsterdam New Amsterdam ( nl, Nieuw Amsterdam, or ) was a 17th-century Dutch settlement established at the southern tip of Manhattan Manhattan (), known regionally as the City and the urban core of the New York metropolitan area, is the most dense ...

New Amsterdam
settlement, built to protect against potential incursions from
Native Americans Native Americans may refer to: Ethnic groups * Indigenous peoples of the Americas, the pre-Columbian peoples of North and South America and their descendants * Native Americans in the United States * Indigenous peoples in Canada, the indigenous p ...
, pirates, and the English. The wall was built of dirt and wooden planks, measuring long and tall. While the Dutch word "wal" can be translated as "rampart", it only appeared as "De Wal Straat" on some English maps of New Amsterdam, whereas other English maps show the name as "De Waal Straat". According to one version of the story: In the 1640s, basic picket and plank fences denoted plots and residences in the colony.''The History of New York State'', Book II, Chapter II, Part IV. Editor, Dr. James Sullivan, Online Edition by Holice, Deb & Pam. Retrieved August 20, 2006. Later, on behalf of the
Dutch West India Company The Dutch West India Company ( nl, Geoctrooieerde Westindische Compagnie, or GWC; ; en, Chartered West India Company) was a chartered company A chartered company is an association with investors or shareholder A shareholder (also known as ...
,
Peter Stuyvesant Peter Stuyvesant (; in Dutch language, Dutch also ''Pieter'' and ''Petrus'' Stuyvesant; c. 1592-1610 – August 1672)Mooney, James E. "Stuyvesant, Peter" in p.1256 was a Dutch colonial officer who served as the last Dutch Director of New Neth ...

Peter Stuyvesant
, using both
enslaved Africans The Atlantic slave trade, transatlantic slave trade, or Euro-American slave trade involved the transportation by slave traders of various enslaved List of ethnic groups of Africa, African people, mainly to the Americas. The slave trade regular ...
and white colonists, collaborated with the city government in the construction of a more substantial fortification, a strengthened wall.White New Yorkers in Slave Times
New-York Historical Society The New-York Historical Society is an History of the United States, American history museum and library in New York City, at the corner of 77th Street and Central Park West, on the Upper West Side of Manhattan. The society was founded in 1804 a ...
. Retrieved August 20, 2006. (PDF)
Timeline: A selected Wall Street chronology
PBS Online. Retrieved August 8, 2011.
In 1685, surveyors laid out Wall Street along the lines of the original stockade.
2006 NYSE Group, Inc. Retrieved August 1, 2006.
The wall started at Pearl Street, which was the shoreline at that time, crossing the Indian path Broadway and ending at the other shoreline (today's Trinity Place), where it took a turn south and ran along the shore until it ended at the old fort. In these early days, local merchants and traders would gather at disparate spots to buy and sell shares and bonds, and over time divided themselves into two classes—auctioneers and dealers. Wall Street was also the marketplace where owners could hire out their slaves by the day or week. The rampart was removed in 1699 and a new City Hall built at Wall and Nassau in 1700. Slavery was introduced to Manhattan in 1626, but it was not until December 13, 1711, that the New York City Common Council made Wall Street the city's first official slave market for the sale and rental of enslaved Africans and Indians. The slave market operated from 1711 to 1762 at the corner of Wall and Pearl Streets. It was a wooden structure with a roof and open sides, although walls may have been added over the years and could hold approximately 50 men. The city directly benefited from the sale of slaves by implementing taxes on every person who was bought and sold there. In the late 18th century, there was a
buttonwood Buttonwood or Buttonwoods may refer to: * "Buttonwood", a finance column in ''The Economist'' * Buttonwood Agreement, 1792 effort to organize securities trading that created the predecessor of the New York Stock Exchange Plants * ''Conocarpus'', ...
tree at the foot of Wall Street under which traders and speculators would gather to trade securities. The benefit was being in proximity to each other. In 1792, traders formalized their association with the
Buttonwood Agreement The Buttonwood Agreement is the founding document of what is now New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York Cit ...
which was the origin of the
New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange A stock exchange, securities exchange, or bourse is an Exchange (organized market), exchange where stockbrokers and stock trader, traders can buy an ...

New York Stock Exchange
. The idea of the agreement was to make the market more "structured" and "without the manipulative auctions", with a commission structure. Persons signing the agreement agreed to charge each other a standard commission rate; persons not signing could still participate but would be charged a higher commission for dealing. In 1789, Wall Street was the scene of the United States' first presidential inauguration when
George Washington George Washington (February 22, 1732, 1799) was an American soldier, statesman, and Founding Fathers of the United States, Founding Father who served as the first President of the United States from 1789 to 1797. Appointed by the Continenta ...

George Washington
took the oath of office on the balcony of
Federal Hall Federal Hall is a historic building at 26 Wall Street in the Financial District, Manhattan, Financial District of Manhattan, New York City. The name refers to two structures on the site: a Federal architecture, Federal style building completed in ...

Federal Hall
on April 30, 1789. This was also the location of the passing of the
Bill Of Rights A bill of rights, sometimes called a declaration of rights or a charter of rights, is a list of the most important rights to the citizens of a country. The purpose is to protect those rights against Civil and political rights, infringement fr ...

Bill Of Rights
.
Alexander Hamilton Alexander Hamilton (January 11, 1755 or 1757July 12, 1804) was an American statesman, politician, legal scholar, military commander, lawyer, banker, and economist. He was one of the Founding Fathers of the United States The Founding Fa ...

Alexander Hamilton
, who was the first Treasury secretary and "architect of the early United States financial system", is buried in the cemetery of Trinity Church, as is
Robert Fulton Robert Fulton (November 14, 1765 – February 24, 1815) was an American engineer Engineers, as practitioners of engineering, are Professional, professionals who Invention, invent, design, analyze, build and test Machine, machines, complex sys ...

Robert Fulton
famed for his
steamboat upright=1.35, Dutch river steam-tugboat ''Mascotte II'' A steamboat is a boat that is propelled primarily by steam power from Stott Park Bobbin Mill, Cumbria, England A steam engine is a heat engine In thermodynamics Thermod ...

steamboat
s.


19th century

In the first few decades, both residences and businesses occupied the area, but increasingly business predominated. "There are old stories of people's houses being surrounded by the clamor of business and trade and the owners complaining that they can't get anything done," according to a historian named Burrows. The opening of the
Erie Canal The Erie Canal is a canal Canals are waterways channels Channel, channels, channeling, etc., may refer to: Geography * Channel (geography), in physical geography, a landform consisting of the outline (banks) of the path of a nar ...

Erie Canal
in the early 19th century meant a huge boom in business for New York City, since it was the only major eastern seaport which had direct access by inland waterways to ports on the
Great Lakes The Great Lakes also called the Great Lakes of North America or the Laurentian Great Lakes, is a series of large interconnected freshwater lake A lake is an area filled with water, localized in a basin, surrounded by land Land ...

Great Lakes
. Wall Street became the "money capital of America". Historian Charles R. Geisst suggested that there has constantly been a "tug-of-war" between business interests on Wall Street and authorities in
Washington, D.C. ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument The Washington Monument is an obelisk within the National Mall The National Mall is a Landscape architecture, landscaped ...
, the capital of the United States by then. Generally during the 19th century Wall Street developed its own "unique personality and institutions" with little outside interference. In the 1840s and 1850s, most residents moved further uptown to
Midtown Manhattan Midtown Manhattan is the central portion of the New York City borough New York City New York City (NYC), often simply called New York, is the List of United States cities by population, most populous city in the United States. With a ...

Midtown Manhattan
because of the increased business use at the lower tip of the island. The
Civil War A civil war, also known as an intrastate war in polemology, is a war between organized groups within the same Sovereign state, state (or country). The aim of one side may be to take control of the country or a region, to achieve independen ...
had the effect of causing the northern economy to boom, bringing greater prosperity to cities like New York which "came into its own as the nation's banking center" connecting "Old World capital and New World ambition", according to one account.
J. P. Morgan John Pierpont Morgan (April 17, 1837 – March 31, 1913) was an American financier An investor is a person that allocates capital with the expectation of a future financial return (profit) or to gain an advantage (interest). Through this ...
created giant trusts;
John D. Rockefeller John Davison Rockefeller Sr. (July 8, 1839May 23, 1937) was an American American(s) may refer to: * American, something of, from, or related to the United States of America, commonly known as the United States The United States of Am ...

John D. Rockefeller
's
Standard Oil Standard Oil Co. was an American oil An oil is any nonpolar In chemistry Chemistry is the science, scientific study of the properties and behavior of matter. It is a natural science that covers the Chemical element, elements th ...

Standard Oil
moved to New York. Between 1860 and 1920, the economy changed from "agricultural to industrial to financial" and New York maintained its leadership position despite these changes, according to historian Thomas Kessner. New York was second only to
London London is the capital Capital most commonly refers to: * Capital letter Letter case (or just case) is the distinction between the letters that are in larger uppercase or capitals (or more formally ''majuscule'') and smaller lowerc ...

London
as the world's financial capital. In 1884,
Charles Dow Charles Henry Dow (; November 6, 1851 – December 4, 1902) was an American journalist who co-founded Dow Jones & Company with Edward Jones (statistician), Edward Jones and Charles Bergstresser. Dow also co-founded ''The Wall Street Journal'', w ...
began tracking stocks, initially beginning with 11 stocks, mostly railroads, and looked at average prices for these eleven. Some of the companies included in Dow's original calculations were
American Tobacco Company The American Tobacco Company was a tobacco company founded in 1890 by James Buchanan Duke, J. B. Duke through a merger between a number of U.S. tobacco manufacturers including Allen and Ginter and Goodwin & Company. The company was one of the orig ...
,
General Electric General Electric Company (GE) is an American Multinational corporation, multinational Conglomerate (company), conglomerate incorporated in New York State and headquartered in Boston. Until 2021, the company operated through GE Aviation, aviat ...
,
Laclede Gas CompanyLaclede Gas Company is the largest natural gas distribution Public utility, utility in Missouri, serving approximately 632,000 residential, commercial and industrial customers in the city of St. Louis, Missouri, St. Louis and ten counties in eastern ...
, National Lead Company, Tennessee Coal & Iron, and
United States Leather CompanyThe United States Leather Company (1893"The Big Sole Leather Trust," ''The New York Times,'' May 3, 1893, pg. 2-1952), was one of the largest corporations in the United States circa 1900, and one of the original companies in the Dow Jones Industrial ...
. When the average "peaks and troughs" went up consistently, he deemed it a
bull market A market trend is a perceived tendency of financial market A financial market is a market in which people trade financial securities and derivatives at low transaction costs In economics Economics () is the social science that studie ...

bull market
condition; if averages dropped, it was a
bear market A market trend is a perceived tendency of financial market A financial market is a market Market may refer to: *Market (economics) *Market economy *Marketplace, a physical marketplace or public market Geography *Märket, an island shared ...
. He added up prices, and divided by the number of stocks to get his . Dow's numbers were a "convenient benchmark" for analyzing the market and became an accepted way to look at the entire
stock market A stock market, equity market, or share market is the aggregation of buyers and sellers of stock In finance, stock (also capital stock) consists of all of the shares In financial markets A financial market is a market in whic ...

stock market
. In 1889 the original stock report, ''Customers' Afternoon Letter'', became ''
The Wall Street Journal ''The Wall Street Journal'', also known as ''The Journal'', is an American business-focused, English-language international daily newspaper A newspaper is a periodical Periodical literature (also called a periodical publication or sim ...

The Wall Street Journal
''. Named in reference to the actual street, it became an influential international daily business newspaper published in New York City. After October 7, 1896, it began publishing Dow's expanded list of stocks. A century later, there were 30 stocks in the average.


20th century


Early 20th century

Business writer John Brooks in his book ''Once in Golconda'' considered the start of the 20th century period to have been Wall Street's heyday. The address of
23 Wall Street 23 Wall Street (also known as the J.P. Morgan & Co. Building) is an office building in the Financial District This is a list of financial districts in cities around the world. Background A financial district is usually a central area in a ...
, the headquarters of J. P. Morgan & Company, known as ''The Corner'', was "the precise center, geographical as well as metaphorical, of financial America and even of the financial world". Wall Street has had changing relationships with government authorities. In 1913, for example, when authorities proposed a $4 stock
transfer tax A transfer tax is a tax on the passing of title A title is one or more words used before or after a person's name, in certain contexts. It may signify either generation, an official position, or a professional or academic qualification. In some ...
, stock clerks protested. At other times, city and state officials have taken steps through tax incentives to encourage financial firms to continue to do business in the city. A post office was built at
60 Wall Street 60 Wall Street is a 47-story, skyscraper on Wall Street Wall Street is an eight-block-long street in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It runs between Broadway (Manhattan), Broadwa ...
in 1905. During the
World War I World War I, often abbreviated as WWI or WW1, also known as the First World War or the Great War, was a global war A world war is "a war engaged in by all or most of the principal nations of the world". The term is usually reserved for ...

World War I
years, occasionally there were fund-raising efforts for projects such as the
National Guard National Guard is the name used by a wide variety of current and historical uniformed organizations in different countries. The original National Guard National Guard is the name used by a wide variety of current and historical uniformed organizati ...
. On September 16, 1920, close to the corner of Wall and
Broad StreetBroad Street may refer to: United Kingdom *Broad Street railway station (England), in London *Broad Street (ward), in London *Broad Street, Birmingham *Broad Street, Bristol *Broad Street, Oxford *Broad Street, Reading *Broad Street, Suffolk, hamle ...

Broad Street
, the busiest corner of the Financial District and across the offices of the Morgan Bank, a powerful bomb exploded. It killed 38 and seriously injured 143 people. The perpetrators were never identified or apprehended. The explosion did, however, help fuel the
Red Scare A Red Scare is the promotion of a widespread fear of a potential rise of communism Communism (from Latin Latin (, or , ) is a classical language belonging to the Italic languages, Italic branch of the Indo-European languages. Lati ...
that was underway at the time. A report from ''
The New York Times ''The New York Times'' is an American daily newspaper based in New York City with a worldwide readership. Founded in 1851, the ''Times'' has since won List of Pulitzer Prizes awarded to The New York Times, 132 Pulitzer Prizes, the most of a ...

The New York Times
'': The area was subjected to numerous threats; one bomb threat in 1921 led to detectives sealing off the area to "prevent a repetition of the Wall Street bomb explosion".


Regulation

September 1929 was the peak of the stock market.The world in depression 1929–1939 October 3, 1929 was when the market started to slip, and it continued throughout the week of October 14. In October 1929, renowned
Yale Yale University is a private Private or privates may refer to: Music * "In Private "In Private" was the third single in a row to be a charting success for United Kingdom, British singer Dusty Springfield, after an absence of nearly two ...
economist
Irving Fisher Irving Fisher (February 27, 1867 – April 29, 1947) was an American economist An economist is a practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and concep ...

Irving Fisher
reassured worried investors that their "money was safe" on Wall Street. A few days later, on October 24, stock values plummeted. The
stock market crash of 1929 The Wall Street Crash of 1929, also known as the Great Crash, was a major American stock market crash that occurred in the autumn of 1929. It started in September and ended late in October, when share prices on the New York Stock Exchange T ...
ushered in the
Great Depression The Great Depression was a severe worldwide economic depression An economic depression is a sustained, long-term downturn in economic activity in one or more economies. It is a more severe economic downturn than a economic recession, recess ...
, in which a quarter of working people were unemployed, with soup kitchens, mass foreclosures of farms, and falling prices. During this era, development of the Financial District stagnated, and Wall Street "paid a heavy price" and "became something of a backwater in American life". During the
New Deal The New Deal was a series of programs, public work projects, financial reforms, and regulations Regulation is the management of complex systems according to a set of rules and trends. In systems theory Systems theory is the interdisciplinar ...
years, as well as the 1940s, there was much less focus on Wall Street and finance. The government clamped down on the practice of buying equities based only on credit, but these policies began to ease. From 1946 to 1947, stocks could not be purchased " on margin", meaning that an investor had to pay 100% of a stock's cost without taking on any loans. However, this margin requirement was reduced four times before 1960, each time stimulating a mini-rally and boosting volume, and when the
Federal Reserve The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series ...

Federal Reserve
reduced the margin requirements from 90% to 70%. These changes made it somewhat easier for investors to buy stocks on credit. The growing national economy and prosperity led to a recovery during the 1960s, with some down years during the early 1970s in the aftermath of the
Vietnam War {{Infobox military conflict , conflict = Vietnam War , partof = the Indochina Wars The Indochina Wars ( vi, Chiến tranh Đông Dương) were a series of wars fought in Southeast Asia Southeast Asia, also spelled ...
. Trading volumes climbed; in 1967, according to ''
Time Magazine Time is the indefinite continued progress of existence and events that occur in an apparently irreversible succession from the past, through the present, into the future. It is a component quantity of various measurement ' Measurement is ...
'', volume hit 7.5 million shares a day which caused a "traffic jam" of paper with "batteries of clerks" working overtime to "clear transactions and update customer accounts". In 1973, the financial community posted a collective loss of $245 million, which spurred temporary help from the government. Reforms were instituted; the Securities & Exchange Commission eliminated fixed commissions, which forced "brokers to compete freely with one another for investors' business". In 1975, the SEC threw out the
NYSE The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is by far the List of stock exchanges, world's largest s ...

NYSE
's "Rule 394" which had required that "most stock transactions take place on the Big Board's floor", in effect freeing up trading for electronic methods. In 1976, banks were allowed to buy and sell stocks, which provided more competition for
stockbroker A stockbroker is a regulated broker A broker is a person or firm who arranges transactions between a Purchasing, buyer and a sales, seller for a commission (remuneration), commission when the deal is executed. A broker who also acts as a seller ...

stockbroker
s. Reforms had the effect of lowering prices overall, making it easier for more people to participate in the stock market. Broker commissions for each stock sale lessened, but volume increased. The Reagan years were marked by a renewed push for
capitalism Capitalism is an economic system An economic system, or economic order, is a system A system is a group of interacting Interaction is a kind of action that occurs as two or more objects have an effect upon one another. The idea o ...

capitalism
and
business Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services). Simply put, it is "any activity or enterprise entered into for profit." Having a business name A trad ...

business
, with national efforts to de-regulate industries such as
telecommunications Telecommunication is the transmission of information by various types of technologies over wire, radio, Optical system, optical, or other Electromagnetism, electromagnetic systems. It has its origin in the desire of humans for communication ov ...
and
aviation Aviation is the activities surrounding mechanical flight and the aircraft industry. ''Aircraft'' includes airplane, fixed-wing and helicopter, rotary-wing types, morphable wings, wing-less lifting bodies, as well as aerostat, lighter-than-air ...
. The economy resumed upward growth after a period in the early 1980s of languishing. A report in ''
The New York Times ''The New York Times'' is an American daily newspaper based in New York City with a worldwide readership. Founded in 1851, the ''Times'' has since won List of Pulitzer Prizes awarded to The New York Times, 132 Pulitzer Prizes, the most of a ...

The New York Times
'' described that the flushness of money and growth during these years had spawned a
drug culture Drug cultures are examples of countercultures that are primarily defined by Entheogen, spiritual, Self-medication, medical and recreational drug use. They may be focused on a single drug, or endorse polydrug use. They sometimes eagerly or reluctant ...
of sorts, with a rampant acceptance of
cocaine Cocaine (from , from , ultimately from Quechuan languages, Quechua: ''kúka'') is a tropane alkaloid and stimulant drug obtained primarily from the leaves of two coca species native to South America, ''Erythroxylum coca'' and ''Erythroxylu ...

cocaine
use although the overall percent of actual users was most likely small. A reporter wrote: In 1987, the stock market plunged, and, in the relatively brief recession following, the surrounding area lost 100,000 jobs according to one estimate. Since telecommunications costs were coming down, banks and
brokerage firm A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be conf ...
s could move away from the Financial District to more affordable locations. One of the firms looking to move away was the NYSE. In 1998, the NYSE and the city struck a $900 million deal which kept the NYSE from moving across the river to
Jersey City Jersey City is the second-most populous city in the U.S. state of New Jersey, after Newark, New Jersey, Newark.
; the deal was described as the "largest in city history to prevent a corporation from leaving town".


21st century

In 2001, the ''Big Board'', as some termed the NYSE, was described as the world's "largest and most prestigious stock market". When the
World Trade Center was destroyed on
September 11, 2001 The September 11 attacks, often referred to as 9/11, were a series of four coordinated terrorist attacks by the Wahhabi Wahhabism ( ar, الوهابية, ') is a religious reform movement and doctrine associated with the teachings of ...
, the attacks "crippled" the communications network and destroyed many buildings in the Financial District, although the buildings on Wall Street itself saw only little physical damage. One estimate was that 45% of Wall Street's "best office space" had been lost. The NYSE was determined to re-open on September 17, almost a week after the attack. During this time Rockefeller Group Business Center opened additional offices at
48 Wall Street 48 Wall Street, formerly the Bank of New York & Trust Company Building, is a 32-story, skyscraper on the corner of Wall Street Wall Street is an eight-block-long street in the Financial District This is a list of financial districts ...
. Still, after September 11, the financial services industry went through a downturn with a sizable drop in year-end bonuses of $6.5 billion, according to one estimate from a state comptroller's office. To guard against a vehicular bombing in the area, authorities built concrete barriers, and found ways over time to make them more aesthetically appealing by spending $5000 to $8000 apiece on
bollard A bollard is a sturdy, short, vertical post. The term originally referred to a post on a ship or quay A wharf, quay (, also ), or staith(e) is a structure on the shore of a harbour or on the bank of a river or canal where ships may dock to ...

bollard
s. Parts of Wall Street, as well as several other streets in the neighborhood, were blocked off by specially designed bollards: ''
The Guardian ''The Guardian'' is a British daily newspaper. It was founded in 1821 as ''The Manchester Guardian'', and changed its name in 1959. Along with its sister papers ''The Observer ''The Observer'' is a British newspaper published on Sun ...

The Guardian
'' reporter Andrew Clark described the years of 2006 to 2010 as "tumultuous", in which the heartland of America was "mired in gloom" with high unemployment around 9.6%, with average house prices falling from $230,000 in 2006 to $183,000, and foreboding increases in the national debt to $13.4 trillion, but that despite the setbacks, the American economy was once more "bouncing back". What had happened during these heady years? Clark wrote: The first months of 2008 was a particularly troublesome period which caused
Federal Reserve The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series ...
chairman
Ben Bernanke Ben Shalom Bernanke ( ; born December 13, 1953) is an American economist at the Brookings Institution The Brookings Institution, often referred to simply as Brookings, is an American American(s) may refer to: * American, something of, from, ...

Ben Bernanke
to "work holidays and weekends" and which did an "extraordinary series of moves". It bolstered U.S. banks and allowed Wall Street firms to borrow "directly from the Fed" through a vehicle called the Fed's Discount Window, a sort of lender of last report. These efforts were highly controversial at the time, but from the perspective of 2010, it appeared the Federal exertions had been the right decisions. By 2010, Wall Street firms, in Clark's view, were "getting back to their old selves as engine rooms of wealth, prosperity and excess". A report by Michael Stoler in ''
The New York Sun ''The New York Sun'' was an American daily newspaper published in Manhattan from 2002 to 2008. It debuted on April 16, 2002, adopting the name, motto, and Nameplate (publishing), masthead of the earlier New York paper, ''The Sun (New York City), ...
'' described a "phoenix-like resurrection" of the area, with residential, commercial, retail and hotels booming in the "third largest business district in the country". At the same time, the investment community was worried about proposed legal reforms, including the ''Wall Street Reform and Consumer Protection Act'' which dealt with matters such as credit card rates and lending requirements. The NYSE closed two of its trading floors in a move towards transforming itself into an electronic exchange. Beginning in September 2011, disenchanted with the financial system protested in parks and plazas around Wall Street. On October 29, 2012, Wall Street was disrupted when New York and New Jersey were inundated by
Hurricane Sandy Hurricane Sandy (unofficially referred to as Superstorm Sandy) was the deadliest, the most destructive, and the strongest tropical cyclone, hurricane of the 2012 Atlantic hurricane season. The storm inflicted nearly $70 billion (2012 USD) ...
. Its 14-foot-high storm surge, a local record, caused massive street flooding nearby. The NYSE was closed for weather-related reasons, the first time since
Hurricane Gloria Hurricane Gloria was the first significant tropical cyclone A tropical cyclone is a rapidly rotating storm, storm system characterized by a Low-pressure area, low-pressure center, a closed low-level atmospheric circulation, Beaufort scale, ...
in September 1985 and the first two-day weather-related shutdown since the Blizzard of 1888.


Architecture

Wall Street's architecture is generally rooted in the
Gilded Age In United States history The history of the United States started with the arrival of Native Americans in North America around 15,000 BC. Numerous indigenous cultures formed, and many disappeared in the 1500s. The arrival of Christopher C ...
. The older skyscrapers often were built with elaborate facades, which have not been common in corporate architecture for decades. There are numerous landmarks on Wall Street, some of which were erected as the headquarters of banks. These include: * , a 50-story skyscraper built in 1929–1931 with an expansion in 1963–1965. It was previously known as the
Irving Trust Irving Trust was an American investment bank To invest is to allocate money Image:National-Debt-Gillray.jpeg, In a 1786 James Gillray caricature, the plentiful money bags handed to King George III are contrasted with the beggar whose legs an ...
Company Building and the Bank of New York Building. * 14 Wall Street, a 32-story skyscraper with a 7-story stepped pyramid, built in 1910–1912 with an expansion in 1931–1933. It was originally the
Bankers Trust Bankers Trust was a historic American American(s) may refer to: * American, something of, from, or related to the United States of America, commonly known as the United States The United States of America (USA), commonly known as the Unit ...
Company Building. *
23 Wall Street 23 Wall Street (also known as the J.P. Morgan & Co. Building) is an office building in the Financial District This is a list of financial districts in cities around the world. Background A financial district is usually a central area in a ...
, a four-story headquarters built in 1914, was known as the "House of Morgan" and served for decades as the J.P. Morgan & Co. bank's headquarters and, by some accounts, was considered an important address in American finance. Cosmetic damage from the 1920
Wall Street bombing 240px, Cover of '' The New York Times'' reporting on the Wall Street bombing. The Wall Street bombing occurred at 12:01 pm on Thursday, September 16, 1920, in the Financial District This is a list of financial districts in cities around ...
is still visible on the Wall Street side of this building. *
Federal Hall National Memorial Federal Hall is a historic building at 26 Wall Street in the Financial District, Manhattan, Financial District of Manhattan, New York City. The name refers to two structures on the site: a Federal architecture, Federal style building completed i ...

Federal Hall National Memorial
(26 Wall Street), built in 1833–1842. The building, which previously housed the and then the Subtreasury, is now a national monument (United States), national monument. * , a 71-story skyscraper built in 1929–1930 as the Manhattan Company, Bank of Manhattan Company Building; it later became the Trump Building. *
48 Wall Street 48 Wall Street, formerly the Bank of New York & Trust Company Building, is a 32-story, skyscraper on the corner of Wall Street Wall Street is an eight-block-long street in the Financial District This is a list of financial districts ...
, a 32-story skyscraper built in 1927–1929 as the Bank of New York & Trust Company Building. * 55 Wall Street, erected in 1836–1841 as the four-story Merchants Exchange, was turned into the United States Custom House in the late 19th century. An expansion in 1907–1910 turned it into the eight-story Citibank, National City Bank Building. *
60 Wall Street 60 Wall Street is a 47-story, skyscraper on Wall Street Wall Street is an eight-block-long street in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It runs between Broadway (Manhattan), Broadwa ...
, built in 1988. It was formerly the J.P. Morgan & Co. headquarters before becoming the U.S. headquarters of Deutsche Bank. It is the last remaining major investment bank headquarters on Wall Street. Another key anchor for the area is the
New York Stock Exchange Building The New York Stock Exchange Building (also the NYSE Building), in the Financial District This is a list of financial districts in cities around the world. Background A financial district is usually a central area in a city where financial ...
at the corner of
Broad StreetBroad Street may refer to: United Kingdom *Broad Street railway station (England), in London *Broad Street (ward), in London *Broad Street, Birmingham *Broad Street, Bristol *Broad Street, Oxford *Broad Street, Reading *Broad Street, Suffolk, hamle ...

Broad Street
. It houses the
New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange A stock exchange, securities exchange, or bourse is an Exchange (organized market), exchange where stockbrokers and stock trader, traders can buy an ...

New York Stock Exchange
, which is by far the List of stock exchanges, world's largest stock exchange per
market capitalization Market capitalization, commonly called market cap, is the market value of a publicly traded company A public company, publicly traded company, publicly held company, publicly listed company, or public limited company A public limited compan ...
of its listed companies, at US$28.5 trillion as of June 30, 2018. City authorities realize its importance, and believed that it has "outgrown its Neoclassical architecture, neoclassical temple at the corner of Wall and Broad streets", and in 1998, offered substantial tax incentives to try to keep it in the Financial District. Plans to rebuild it were delayed by the September 11 attacks. The exchange still occupies the same site. The exchange is the locus for a large amount of technology and data. For example, to accommodate the three thousand people who work directly on the exchange floor requires 3,500 kilowatts of electricity, along with 8,000 phone circuits on the trading floor alone, and 200 miles of fiber-optic cable below ground.


Importance


As an economic engine


In the New York economy

Finance professor Charles R. Geisst wrote that the exchange has become "inextricably intertwined into New York's economy". Wall Street pay, in terms of salaries and bonuses and taxes, is an important part of the economy of
New York City New York, often called New York City to distinguish it from New York State New York is a state State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly magazine published by the U.S. Department of ...

New York City
, the Tri-State area (NY-NJ-CT), tri-state metropolitan area, and the Economy of the United States, United States. Anchored by Wall Street, New York City has been called the world's most economically powerful city and leading financial center. As such, a falloff in Wall Street's economy could have "wrenching effects on the local and regional economies". In 2008, after a downturn in the stock market, the decline meant $18 billion less in taxable income, with less money available for "apartments, furniture, cars, clothing and services". Estimates vary about the number and quality of financial jobs in the city. One estimate was that Wall Street firms employed close to 200,000 persons in 2008. Another estimate was that in 2007, the financial services industry which had a $70 billion profit became 22 percent of the city's revenue. Another estimate (in 2006) was that the financial services industry makes up 9% of the city's work force and 31% of the tax base. An additional estimate from 2007 by Steven Malanga, Steve Malanga of the Manhattan Institute was that the securities industry accounts for 4.7 percent of the jobs in New York City but 20.7 percent of its wages, and he estimated there were 175,000 securities-industries jobs in New York (both Wall Street area and midtown) paying an average of $350,000 annually. Between 1995 and 2005, the sector grew at an annual rate of about 6.6% annually, a respectable rate, but that other financial centers were growing faster. Another estimate, made in 2008, was that Wall Street provided a fourth of all personal income earned in the city, and 10% of New York City's tax revenue. The city's securities industry, enumerating 163,400 jobs in August 2013, continues to form the largest segment of the city's financial sector and an important economic engine, accounting in 2012 for 5 percent of private sector jobs in New York City, 8.5 percent (US$3.8 billion) of the city's tax revenue, and 22 percent of the city's total wages, including an average salary of US$360,700. The seven largest Wall Street firms in the 2000s were Bear Stearns, JPMorgan Chase, Citigroup, Goldman Sachs, Morgan Stanley, Merrill Lynch and Lehman Brothers. During the recession of 2008–10, many of these firms, including Lehman, went out of business or were bought up at firesale prices by other financial firms. In 2008, Lehman filed for bankruptcy, Bear Stearns was bought by JPMorgan Chase forced by the Federal government of the United States, U.S. government, and Merrill Lynch was bought by Bank of America in a similar shot-gun wedding. These failures marked a catastrophic downsizing of Wall Street as the financial industry goes through restructuring and change. Since New York's financial industry provides almost one-fourth of all income produced in the city, and accounts for 10% of the city's tax revenues and 20% of the state's, the downturn has had huge repercussions for government treasuries. New York's mayor Michael Bloomberg reportedly over a four-year period dangled over $100 million in tax incentives to persuade Goldman Sachs to build a 43-story headquarters in the Financial District near the destroyed World Trade Center site. In 2009, things looked somewhat gloomy, with one analysis by the Boston Consulting Group suggesting that 65,000 jobs had been permanently lost because of the downturn. But there were signs that Manhattan property prices were rebounding with price rises of 9% annually in 2010, and bonuses were being paid once more, with average bonuses over $124,000 in 2010.


Versus Midtown Manhattan

A requirement of the New York Stock Exchange was that brokerage firms had to have offices "clustered around Wall Street" so clerks could deliver physical paper copies of stock certificates each week. There were some indications that midtown had been becoming the locus of financial services dealings even by 1911. But as technology progressed, in the middle and later decades of the 20th century, computers and telecommunications replaced paper notifications, meaning that the close proximity requirement could be bypassed in more situations. Many financial firms found that they could move to
Midtown Manhattan Midtown Manhattan is the central portion of the New York City borough New York City New York City (NYC), often simply called New York, is the List of United States cities by population, most populous city in the United States. With a ...

Midtown Manhattan
, only four miles away, and still operate effectively. For example, the former investment firm of Donaldson, Lufkin & Jenrette was described as a ''Wall Street firm'' but had its headquarters on Park Avenue in Midtown Manhattan, Midtown. A report described the migration from Wall Street: Nevertheless, a key magnet for the Wall Street remains the
New York Stock Exchange Building The New York Stock Exchange Building (also the NYSE Building), in the Financial District This is a list of financial districts in cities around the world. Background A financial district is usually a central area in a city where financial ...
. Some "old guard" firms such as Goldman Sachs and Merrill Lynch (bought by Bank of America in 2009), have remained "fiercely loyal to the Financial District" location, and new ones such as Deutsche Bank have chosen office space in the district. So-called "face-to-face" trading between buyers and sellers remains a "cornerstone" of the NYSE, with a benefit of having all of a deal's players close at hand, including Investment banking, investment bankers, lawyers, and accountants.


In the New Jersey economy

After Wall Street firms started to expand westward in the 1980s into New Jersey, the direct economic impacts of Wall Street activities have gone beyond New York City. The employment in the financial services industry, mostly in the "back office" roles, has become an important part of New Jersey's economy. In 2009, the Wall Street employment wages were paid in the amount of almost $18.5 billion in the state. The industry contributed $39.4 billion or 8.4 percent to the New Jersey's gross domestic product in the same year. The most significant area with Wall Street employment is in Jersey City. In 2008, the "Wall Street West" employment contributed to one third of the private sector jobs in Jersey City. Within the Financial Service cluster, there were three major sectors: more than 60 percent were in the Security (finance), securities industry; 20 percent were in banking; and 8 percent in insurance. Additionally, New Jersey has become the main technology infrastructure to support the Wall Street operations. A substantial amount of securities traded in the United States are executed in New Jersey as the data centers of electronic trading in the U.S. equity market for all major stock exchanges are located in North Jersey, North and Central Jersey. A significant amount of securities Clearing (finance), clearing and Settlement (finance), settlement workforce is also in the state. This includes the majority of the workforce of Depository Trust Company, the primary U.S. securities Depository bank, depository; and the Depository Trust & Clearing Corporation, the parent company of National Securities Clearing Corporation, the Fixed Income Clearing Corporation and Emerging Markets Clearing Corporation. Having a direct tie to Wall Street employment can be problematic for New Jersey, however. The state lost 7.9 percent of its employment base from 2007 to 2010 in the financial services sector in the fallout of the subprime mortgage crisis.


Competing financial centers

Of the street's importance as a financial center, ''New York Times'' analyst Daniel Gross wrote: An example is the alternative trading platform known as BATS Global Markets, BATS, based in Kansas City, which came "out of nowhere to gain a 9 percent share in the market for trading United States stocks". The firm has computers in the U.S. state of New Jersey, and only two salespeople in New York City; the remaining 33 employees work in a center in Kansas.


In the public imagination


As a financial symbol

Wall Street in a conceptual sense represents financial and economic power. To Americans, it can sometimes represent elitism and power politics, and its role has been a source of controversy throughout the nation's history, particularly beginning around the
Gilded Age In United States history The history of the United States started with the arrival of Native Americans in North America around 15,000 BC. Numerous indigenous cultures formed, and many disappeared in the 1500s. The arrival of Christopher C ...
period in the late 19th century. Wall Street became the symbol of a country and economic system that many Americans see as having developed through trade, capitalism, and innovation. The term "Wall Street" has become a
metonym Metonymy () is a figure of speech A figure of speech or rhetorical figure is a word or phrase that entails an intentional deviation from ordinary language use in order to produce a rhetoric Rhetoric () is the Art (skill), art of p ...
for the financial markets of the United States as a whole, the American financial services industry, or New York–based financial interests. Wall Street has become synonymous with financial interests, often used negatively. During the subprime mortgage crisis from 2007 to 2010, Wall Street financing was blamed as one of the causes, although most commentators blame an interplay of factors. The U.S. government with the Troubled Asset Relief Program bailed out the banks and financial backers with billions of taxpayer dollars, but the bailout was often criticized as politically motivated, and was criticized by journalists as well as the public. Analyst Robert Kuttner in the ''Huffington Post'' criticized the bailout as helping large Wall Street firms such as Citigroup while neglecting to help smaller community development banks such as Chicago's ShoreBank. One writer in the ''Huffington Post'' looked at Federal Bureau of Investigation, FBI statistics on robbery, fraud, and crime and concluded that Wall Street was the "most dangerous neighborhood in the United States" if one factored in the $50 billion fraud perpetrated by Bernie Madoff. When large firms such as Enron, WorldCom, and Global Crossing were found guilty of fraud, Wall Street was often blamed, even though these firms had headquarters around the nation and not in Wall Street. Many complained that the resulting Sarbanes-Oxley legislation dampened the business climate with regulations that were "overly burdensome". Interest groups seeking favor with Washington, D.C., Washington lawmakers, such as car dealers, have often sought to portray their interests as allied with ''Main Street'' rather than ''Wall Street'', although analyst Peter Overby on ''National Public Radio'' suggested that car dealers have written over $250 billion in consumer loans and have real ties with ''Wall Street''. When the United States Treasury bailed out large financial firms, to ostensibly halt a downward spiral in the nation's economy, there was tremendous negative political fallout, particularly when reports came out that monies supposed to be used to ease credit restrictions were being used to pay bonuses to highly paid employees. Analyst William D. Cohan argued that it was "obscene" how Wall Street reaped "massive profits and bonuses in 2009" after being saved by "trillions of dollars of American taxpayers' treasure" despite Wall Street's "greed and irresponsible risk-taking". ''Washington Post'' reporter Suzanne McGee called for Wall Street to make a sort of public apology to the nation, and expressed dismay that people such as Goldman Sachs chief executive Lloyd Blankfein hadn't expressed contrition despite being sued by the Securities and Exchange Commission, SEC in 2009. McGee wrote that "Bankers aren't the sole culprits, but their too-glib denials of responsibility and the occasional vague and waffling expression of regret don't go far enough to deflect anger." But chief banking analyst at Goldman Sachs, Richard Ramsden, is "unapologetic" and sees "banks as the dynamos that power the rest of the economy". Ramsden believes "risk-taking is vital" and said in 2010: Others in the financial industry believe they've been unfairly castigated by the public and by politicians. For example, Anthony Scaramucci reportedly told President Barack Obama in 2010 that he felt like a piñata, "whacked with a stick" by "hostile politicians". The financial misdeeds of various figures throughout American history sometimes casts a dark shadow on financial investing as a whole, and include names such as William Duer (Continental Congressman), William Duer, James Fisk (financier), Jim Fisk and Jay Gould (the latter two believed to have been involved with an effort to collapse the U.S. gold market in 1869) as well as modern figures such as Bernard Madoff who "bilked billions from investors". In addition, images of Wall Street and its figures have loomed large. The 1987 Oliver Stone film ''Wall Street (1987 film), Wall Street'' created the iconic figure of Gordon Gekko who used the phrase "greed is good", which caught on in the cultural parlance. Gekko is reportedly based on multiple real-life individuals on Wall Street, including corporate raider Carl Icahn, disgraced stock trader Ivan Boesky, and investor Michael Ovitz. In 2009, Stone commented how the film had had an unexpected cultural influence, not causing them to turn away from corporate greed, but causing many young people to choose Wall Street careers because of the film. A reporter repeated other lines from the film: "I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, Buddy. A player." Wall Street firms have, however, also contributed to projects such as Habitat for Humanity, as well as done food programs in Haiti, trauma centers in Sudan, and rescue boats during floods in Bangladesh.


In popular culture

* Herman Melville's classic short story "Bartleby, the Scrivener" (first published in 1853 and republished in revised edition in 1856) is subtitled "A Story of Wall Street" and portrays the alienating forces at work within the confines of Wall Street. * Many events of Tom Wolfe's 1987 novel ''The Bonfire of the Vanities'' center on Wall Street and its culture. * The film ''Wall Street (1987 film), Wall Street'' (1987) and its sequel ''Wall Street: Money Never Sleeps'' (2010) exemplify many popular conceptions of Wall Street as a center of shady corporate dealings and insider trading. * In the ''Star Trek'' universe, the Ferengi are said to make regular pilgrimages to Wall Street, which they worship as a holy site of commerce and business. * On January 26, 2000, the band Rage Against the Machine filmed the music video for "Sleep Now in the Fire" on Wall Street, which was directed by Michael Moore. The New York Stock Exchange closed early that day, at 2:52 p.m. * In the 2012 film ''The Dark Knight Rises'', Bane (comics), Bane attacks the Gotham City Stock Exchange. Scenes were filmed in and around the New York Stock Exchange, with the J.P. Morgan Building at Wall Street and Broad Street standing in for the Exchange. * The 2013 film ''The Wolf of Wall Street (2013 film), The Wolf of Wall Street'' is a black comedy, dark comedy about Jordan Belfort, a New York stockbroker who ran Stratton Oakmont, a firm from Lake Success, New York, that engaged in securities fraud and corruption on Wall Street from 1987 to 1998.


Personalities associated with the street

Many people associated with Wall Street have become famous; although in most cases their reputations are limited to members of the brokerage firm, stock brokerage and banking communities, others have gained national and international fame. For some, like hedge fund manager Ray Dalio, their fame is due to skillful investment strategies, financing, reporting, legal or regulatory activities, while others such as Ivan Boesky, Michael Milken and Bernie Madoff are remembered for their notable failures or scandal.John Steele Gordon
"Wall Street's 10 Most Notorious Stock Traders," ''American Heritage'', Spring 2009.


Transportation

With Wall Street being historically a commuter destination, a plethora of transportation infrastructure has been developed to serve it. Pier 11/Wall Street, Pier 11 near Wall Street's eastern end is a busy terminal for New York Waterway, NYC Ferry, New York Water Taxi, and SeaStreak. The Downtown Manhattan Heliport also serves Wall Street. There are three New York City Subway stations under Wall Street: * Wall Street station (IRT Broadway–Seventh Avenue Line), Wall Street station at William Street (Manhattan), William Street () * Wall Street station (IRT Lexington Avenue Line), Wall Street station at
Broadway Broadway may refer to: Theatre * Broadway Theatre (disambiguation) * Broadway theatre, theatrical productions in professional theatres near Broadway, Manhattan, New York City, U.S. ** Broadway (Manhattan), the street **Broadway Theatre (53rd Str ...
() * Broad Street station (BMT Nassau Street Line), Broad Street station at
Broad StreetBroad Street may refer to: United Kingdom *Broad Street railway station (England), in London *Broad Street (ward), in London *Broad Street, Birmingham *Broad Street, Bristol *Broad Street, Oxford *Broad Street, Reading *Broad Street, Suffolk, hamle ...

Broad Street
, with an entrance at Wall Street ()


See also

* Main Street * K Street (Washington, D.C.) * American business history * Dow Jones Industrial Average * Economy of New York City * List of financial districts, List of Financial Districts * Wall Street Historic District (Manhattan)


References


Notes


Other sources

* Atwood, Albert W. and Erickson, Erling A. "Morgan, John Pierpont, (April 17, 1837 – March 31, 1913)," in ''Dictionary of American Biography, Volume 7'' (1934) * Caplan, Sheri J. ''Petticoats and Pinstripes: Portraits of Women in Wall Street's History''. Praeger, 2013. * Carosso, Vincent P. ''The Morgans: Private International Bankers, 1854–1913.'' Harvard University Press, 1987. 888 pp.  * Carosso, Vincent P. ''Investment Banking in America: A History'' Harvard University Press (1970) * Ron Chernow, Chernow, Ron. ''The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance'', (2001) * Fraser, Steve. ''Every Man a Speculator: A History of Wall Street in American Life'' HarperCollins (2005) * Geisst, Charles R. ''Wall Street: A History from Its Beginnings to the Fall of Enron.'' Oxford University Press, 2004
online edition
* Jaffe, Stephen H. & Lautin, Jessica. ''Capital of Capital: Money, Banking, and Power in New York City, 1784–2012'' (2014) * Moody, John. ''The Masters of Capital: A Chronicle of Wall Street'' Yale University Press, (1921
online edition
* Morris, Charles R. ''The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy'' (2005) * Perkins, Edwin J. ''Wall Street to Main Street: Charles Merrill and Middle-class Investors'' (1999) * Robert Sobel, Sobel, Robert. ''The Big Board: A History of the New York Stock Market'' (1962) * Sobel, Robert. ''The Great Bull Market: Wall Street in the 1920s'' (1968) * Sobel, Robert. ''Inside Wall Street: Continuity & Change in the Financial District'' (1977) * Jean Strouse, Strouse, Jean. ''Morgan: American Financier.'' Random House, 1999. 796 pp.  * Finkelman, Paul. ''Encyclopedia of African American History 1896 to the present.'' Oxford University Press Inc, (2009) * Kindleberger, Charles. ''The world in Depression 1929–1939.'' Berkeley and Los Angeles: University of California Press, (1973) * John Steele Gordon, Gordon, John Steele. ''The Great Game: The Emergence of Wall Street as a World Power: 1653–2000''. Scribner, (1999)


External links

*
New York Songlines: Wall Street
a virtual walking tour {{Authority control Wall Street, Colonial forts in New York (state) Financial District, Manhattan Forts of New Netherland Occupy Wall Street Streets in Manhattan Tourist attractions in Manhattan