Wall Street is the name of a street extending from Broadway to the East River in southern Manhattan, new york. It is only a third of a mile long and only 1 1 meter wide. It is a transliteration of the English word "Wall Street". This street is narrow and short, only seven blocks from Broadway to Donghe, but it is famous as "the financial center of America". Managers of banks, insurance, shipping, railways and other companies set up by Morgan chaebol, Rockefeller Oil King and DuPont Consortium are all concentrated here. The famous new york Stock Exchange is also here. It is still the headquarters of several major exchanges, such as Nasdaq, American Stock Exchange and new york Stock Exchange. The word "Wall Street" has now surpassed the street itself and become synonymous with nearby areas. It can also refer to financial markets and financial institutions that have an impact on the entire American economy.
2. History
There used to be a section of earth wall in the south area of Manhattan, new york, which was built by Dutch colonists in order to resist the British invasion in 1692. /kloc-At the end of 0/7, after the British drove the Dutch away, they tore down the wall and built a street, named Wall Street, which means "Wall Street" and transliterated as "Wall Street". Wall Street extends from Broadway to the East River, which is only 500 meters long and 1 1 meter wide.
In the late18th century, there was a tall buttonwood on the corner of Wall Street near Broadway today. It can keep out the sun and rain, and it is a good place to do business. 1776 after the independence of the United States, Hamilton, the first treasury secretary, began to issue treasury bonds regularly, and many tradable varieties were added to the market.
Securities brokers in Manhattan chose the buttonwood tree on Wall Street as the trading place. Every morning 10 to 4 pm, they buy government bonds at a fixed price and then sell them at another slightly higher price.
In 1792, in order to prevent malicious competition among peers, Wall Street traders agree to charge a commission of not less than 0.25% when providing securities trading services to customers. This is the so-called buttonwood agreement, which marks the official beginning of Wall Street as an American financial center.
/kloc-At the end of 0/9, with the rise of American steel industry, Wall Street played a huge financing role and entered the first development period. Take JPMorgan Chase as an example. When it reorganized American steel companies in 190 1, the total financing scale reached1400 million US dollars, equivalent to 7% of American GDP at that time. All this money comes from Wall Street.
With the rise of American economy, Wall Street's position in the world financial system has gradually improved. The Bretton Woods Conference was held from 65438 to 0944, and a new international monetary system was established, that is, the US dollar was pegged to gold and other currencies were pegged to the US dollar. The world began to enter the era of "dollar standard", and the international financial center also moved from London in Europe to Wall Street in the United States.
After World War II, the United States became the leader of the capitalist world, and Wall Street became more and more stable as a global financial center. Its troubles can affect the whole European and American markets and even the whole world. This street has the headquarters of new york Stock Exchange, American Stock Exchange, investment banks, trust companies, Federal Reserve Bank, public utilities and insurance companies, and the comprehensive management offices of banks, insurance, railways, mining, manufacturing and other big companies opened by Rockefeller, Morgan and other big consortia.