• Thought of the Day

    Thought of the Day

    2000: There shall not be found among you anyone that maketh his son or his daughter to pass through the fire, or that useth divination, or an observer of times, or an enchanter, or a witch, or a charmer, or a consulter with familiar spirits, or a wizard, or a necromancer. For all that do these things are an abomination unto the Lord.

    –Deuteronomy 18: 10-12.

Today in Financial History

1991: The New York Stock Exchange begins after-hours trading for the first time, as two "crossing sessions" of trades among institutional investors extend the trading day to 5:15 p.m.

Fact Book for the Year 1997 (New York Stock Exchange, 1998), p. 91

1990: Jubilant Germans, inspired by Ronald Reagan's speeches, Mikhail Gorbachev's perestroika, and the resignation of East German strongman Erich Honecker, begin tearing down the Berlin Wall — toppling the most notorious symbol of Communism for all the world to see. Unsettled by the change, the Dow Jones Industrial Average closes down 4 points at 2929.70.

1986: Real-time market data takes a big leap forward (for better and for worse) as Standard & Poor's begins disseminating the value of the S&P 500-stock index every 15 seconds. Previously, the index price was updated once a minute. It's not entirely clear why the ability to check the market 1,559 times per day should be important to investors, but some people still consider this progress.

S&P 500 2001 Directory (Standard & Poor's, New York, 2001), p. 9.