The Espírito Santo Financial Group (ESFG) was a Portuguese holding company with headquarters in Luxembourg , founded in 1984. The group represents the interests of the Portuguese Espirito Santo Group , which has major investments in Portugal and Europe , Americas , Africa and Asia .
96-839: The company is listed on the NYSE Euronext and the London Stock Exchange . The flagship of ESFG is the Banco Espírito Santo (BES), a full-service bank based in Lisbon . The bank has subsidiaries within and outside of the Portuguese-speaking business world . Through its subsidiaries, ESFG provides a series of banking services that are centered in the Banco Espirito Santo . These are general insurance services (Tranquilidade) and health services (BES Saúde). In addition to
192-547: A bank in Morocco . NYSE Euronext NYSE Euronext, Inc. was a transatlantic multinational financial services corporation that operated multiple securities exchanges , including the New York Stock Exchange , Euronext and NYSE Arca (formerly known as ArcaEx). NYSE merged with Archipelago Holdings on March 7, 2006, forming NYSE Group, Inc. On April 4, 2007, NYSE Group, Inc. merged with Euronext N.V. to form
288-502: A board with seventeen members, fifteen directors plus the chairman and the CEO. Of the fifteen directors, nine to be designated by Deutsche Boerse and six by NYSE Euronext. Current NYSE Euronext CEO Duncan Niederauer would assume the same role with the newly founded company and would lead an executive committee with an equal number of current Deutsche Boerse and NYSE Euronext executives. On July 7, 2011, NYSE Euronext shareholders voted in favor of
384-607: A buffer of 2.1 billion euros above the regulatory minimum; enough to cover its exposure to debt in the Espirito Santo Financial Group. On 18 July 2014 the Espirito Santo family’s holding company, which owns a stake in Portugal’s second-largest bank, has filed for creditor protection, meaning that it is bankrupt. In Portugal: In Portugal: The bank owns a small part of Banque Marocaine du Commerce Extérieur ,
480-566: A committee. The ten components with the largest dividend yields are commonly referred to as the Dogs of the Dow . As with all stock prices, the prices of the constituent stocks and consequently the value of the index itself are affected by the performance of the respective companies as well as macroeconomic factors. As of November 15, 2024, the Dow Jones Industrial Average consists of
576-539: A hybrid model combining both auction-based and electronic trading capabilities that is designed to provide a stable, liquid and less volatile market. This feature provides the opportunity for price and/or size improvement. In 2010, NYSE Euronext announced the sale of a significant equity interest in NYSE Amex Options to seven external investors: Bank of America Merrill Lynch , Barclays Capital , Citadel Securities, Citi , Goldman Sachs, TD Ameritrade , and UBS. Under
672-600: A majority interest in NYSE Blue, and APX, Inc. (a leading provider of regulatory infrastructure and services for environmental and sustainable energy markets) will contribute its business in return for a minority interest in the venture. The transaction closed on February 18, 2011. The Information Services and Technology Solutions segment refers to NYSE Euronext's commercial technology transactions, data, and infrastructure businesses. NYSE Euronext operates NYSE Technologies, Free Market, and also owns NYFIX, Inc. NYSE Technologies
768-467: A much higher-priced stock, even though the lower-priced stock experienced a larger percentage change. In addition, a $ 1 move in the smallest component of the DJIA has the same effect as a $ 1 move in the largest component of the average. For example, during September–October 2008, former component AIG 's reverse split-adjusted stock price collapsed from $ 22.76 on September 8 to $ 1.35 on October 27; contributing to
864-475: A national license as an exchange operator. NYSE Euronext completed its acquisition of the American Stock Exchange (Amex) on October 1, 2008. The transaction extended NYSE Euronext's leadership in U.S. option, cash equities, and exchange-traded funds (ETFs), making it the third largest U.S. equity options marketplace based on number of contracts traded. Since the merger, Amex has been integrated into
960-462: A negative return during most of the 1930s for new and old stock market investors. For the decade, the Dow Jones average was down from 248.48 at the beginning of 1930, to a stable level of 150.24 at the end of 1939, a loss of about 40%. Post-war reconstruction during the 1940s, along with renewed optimism of peace and prosperity, brought about a 33% surge in the Dow from 150.24 to 200.13. The strength in
1056-502: A price/time or pro rata basis, configurable by contract, with transacted prices and volumes and the aggregate size of all bids and offers at each price level updated on a real-time basis. Users can continually notified of all active orders in the central order book, making market depth easy to monitor. NYSE Liffe also offers its customers the Bclear and Cscreen services, which bridge the listed and over-the-counter (OTC) markets. This provides
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#17328723377001152-469: A range between 53 and 103 until late 1914. The negativity surrounding the 1906 San Francisco earthquake did little to improve the economic climate; the index broke 100 for the first time in 1906. At the start of the 1910s, the Panic of 1910–1911 stifled economic growth. On July 30, 1914, as the average stood at a level of 71.42, a decision was made to close the New York Stock Exchange , and suspend trading for
1248-529: A record Warren Buffett called "a wonderful century"; when he calculated that to achieve that return again, the index would need to close at about 2,000,000 by December 2099. On September 17, 2001, the first day of trading after the September 11 attacks on the United States, the Dow fell 7.1%. However, the Dow began an upward trend shortly after the attacks, and regained all lost ground to close above 10,000 for
1344-407: A roughly 3,000-point drop in the index. As of June 2021, Goldman Sachs and UnitedHealth Group are among the highest-priced stocks in the average and therefore have the greatest influence on it. Alternately, Cisco Systems and Coca-Cola are among the lowest-priced stocks in the average and have the least sway in the price movement. Critics of the DJIA and most securities professionals recommend
1440-629: A simple and cost-effective way to register and process wholesale derivatives trades through NYSE Liffe to clearing at NYSE Liffe Clearing. Following the launch of NYSE Liffe Clearing, NYSE Liffe assumed full responsibility for clearing activities on its own London market. NYSE Liffe US, NYSE Euronext's U.S. futures exchange, makes available for trading full- and mini-sized gold and silver futures, options on full-sized gold and silver futures and futures on Morgan Stanley Capital International (MSCI) Indices. A significant minority equity stake in NYSE Liffe US
1536-443: A single market. Issuers who meet European Union regulatory standards are qualified for listing on the regulated markets operated by Euronext. The company's exchanges list a wide variety of securities, including domestic and international equity securities, convertible bonds, warrants, trackers and debt securities, including corporate and government bonds. All of Euronext's markets are operated by its subsidiaries, each of which holds
1632-610: A span of four and a half months. Some historians believe the exchange was closed because of a concern that markets would plunge as a result of panic over the onset of World War I . An alternative explanation is that the United States Secretary of the Treasury , William Gibbs McAdoo , closed the exchange to conserve the U.S. gold stock in order to launch the Federal Reserve System later that year, with enough gold to keep
1728-618: A technology platform and market structure designed to enhance the speed and quality of trade execution for its customers, as well as to attract additional sources of liquidity. Its structure allows market makers to access its markets remotely and integrates floor-based participants as well. The Cash Trading and Listings segment includes the New York Stock Exchange, Euronext, NYSE Amex, NYSE Arca, NYSE Alternext, NYSE Arca Europe, SmartPool, BlueNext , and NYSE Blue, as well as related cash trading market data. The New York Stock Exchange
1824-456: A time of economic uncertainty and troubled relations between the U.S. and certain Middle-Eastern countries. The 1970s energy crisis was a prelude to a disastrous economic climate along with stagflation , the combination of high unemployment and high inflation. However, on November 14, 1972, the average closed at 1,003.16, above the 1,000 mark for the first time, during a brief relief rally in
1920-475: Is price-weighted , unlike other common indexes such as the Nasdaq Composite or S&P 500, which use market capitalization . The value of the index can also be calculated as the sum of the stock prices of the companies included in the index, divided by a factor, which is approximately 0.163 as of November 2024 . The factor is changed whenever a constituent company undergoes a stock split so that
2016-500: Is a sister division to NYSE and part of ICE. ICE CEO Jeffrey Sprecher would continue in that position at the combined company, while NYSE CEO Duncan Niederauer would serve as president. The future of the New York Stock Exchange's historic trading floor under ICE has not been announced. ICE closed the high profile and historic trading floors of its other earlier acquisitions, the International Petroleum Exchange and
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#17328723377002112-752: Is an exchange-regulated market with a lighter regulatory regime. It is not a regulated market as defined by the Markets in Financial Instruments Directive (MiFID), but rather is regulated by NYSE Euronext through a body of rules applicable to intermediaries and listed companies. NYSE Arca Europe is a pan-European multilateral trading facility (MTF) that extends the trading scope of Euronext's regulated markets by adding blue-chip stocks from 14 European countries: Austria , Czech Republic , Denmark , Finland , France , Germany , Hungary , Ireland , Italy , Norway , Spain , Sweden , Switzerland , and
2208-523: Is computed as the sum of the prices of all thirty stocks divided by a divisor , the Dow Divisor. The divisor is adjusted in case of stock splits, spinoffs or similar structural changes, to ensure that such events do not in themselves alter the numerical value of the DJIA. Early on, the initial divisor was composed of the original number of component companies; this initially made the DJIA a simple arithmetic average. The present divisor, after many adjustments,
2304-437: Is held by six external investors: Citadel Securities , DRW Investments, Getco , Goldman Sachs , Morgan Stanley and UBS . Under this ownership structure, NYSE Euronext remains the largest shareholder in the entity and consolidates its financial reporting. NYSE Euronext manages the day-to-day operations of NYSE Liffe US, which operates under the supervision of a separate board of directors. The NYSE Amex Options business uses
2400-462: Is less than one, making the index larger than the sum of the prices of the components. That is: where p are the prices of the component stocks and d is the Dow Divisor . Events such as stock splits or changes in the list of the companies composing the index alter the sum of the component prices. In these cases, in order to avoid discontinuity in the index, the Dow Divisor is updated so that
2496-569: Is part of the S&;P 500 index and the only exchange operator in the S&;P 100 index . NYSE Euronext is a Delaware corporation, though the principal executive office of NYSE Euronext is located at 11 Wall Street, New York, New York 10005. The European headquarters are at 39 Rue Cambon, 75001 in Paris , France . Below is a list of major NYSE Euronext locations: The merger between NYSE and Archipelago Holdings
2592-506: Is registered as a national securities exchange under the Exchange Act . In addition to common stock, preferred stock and warrants , the NYSE lists debt and corporate structured products, such as capital securities, mandatory convertibles, and repackaged securities. Euronext is the first integrated cross-border exchange, combining the stock exchanges of Amsterdam, Paris, Brussels and Lisbon into
2688-735: Is responsible for the full spectrum of NYSE Euronext's brand marketing, including advertising, marketing communications, event management, and market research. Through the NYSE Global Partnership Program, NYSE Euronext has created a series of strategic resources to support its listed companies' growth initiatives, so as to act as a conduit that enables them to reach new and important audiences. NYSE Euronext's 8,000 listed issues provide members with an extensive network of global investors and business leaders with which to interact. The company offers opportunities for co-branded advertising, linking listed companies to one another, as well as to
2784-545: Is subject to regulator approval, though since the operations of ICE and NYSE have little in common—ICE is largely devoted to trading commodities, as opposed to NYSE's business of trading stocks and securities—the deal is not expected to be blocked. ICE said that after the deal closed it would sell the Euronext portion of the company, including stock exchanges in Amsterdam, Brussels, Lisbon and Paris. The deal went through and Euronext
2880-540: Is the European leader in the field. It seeks to establish a leading position in trading in environment-related instruments, and has also launched a futures market with physical delivery of allowances and credits. In September 2010, NYSE Euronext announced plans to create NYSE Blue, a new global company that will focus on environmental and sustainable energy markets. NYSE Euronext contributed its ownership in BlueNext in return for
2976-722: Is the commercial technology division of NYSE Euronext. NYSE Technologies operates five business: The Free Markets of Brussels and Paris, organized by NYSE Euronext, are not regulated markets in the sense of the EU Directive. The criteria for admission to these markets are much simpler, and listing costs are low. They provide a channel for disseminating buy and sell orders, with trades executed by NYSE Euronext member firms. The securities traded on these markets have not gone through any admission procedures and issuers are not subject to any disclosure requirements. The Free Markets serve companies that are too young or too small to be listed on one of
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3072-602: Is typically carried out in an open outcry auction, or over an electronic network such as CME's Globex platform. The Chicago Board Options Exchange (CBOE) issues option contracts on the Dow through the root symbol DJX. Options on various Dow-underlying ETFs are also available for trading. The following table shows the annual development of the Dow Jones Index, which was calculated back to 1896. In 1884, Charles Dow composed his first stock average, which contained nine railroads and two industrial companies that appeared in
3168-534: The 1980s oil glut , the Japanese asset price bubble , and other political distractions. The index had only two negative years in the 1980s: in 1981 and 1984. The 1990s brought on rapid advances in technology along with the introduction of the dot-com era . The markets contended with the 1990 oil price shock compounded with the effects of the early 1990s recession and a brief European situation surrounding Black Wednesday . Certain influential foreign conflicts such as
3264-790: The 1991 Soviet coup d'état attempt which took place as part of the initial stages of the Dissolution of the Soviet Union and the Revolutions of 1989 ; the First Chechen War and the Second Chechen War , the Gulf War , and the Yugoslav Wars failed to dampen economic enthusiasm surrounding the ongoing Information Age and the " irrational exuberance " (a phrase coined by Alan Greenspan ) of
3360-614: The Customer's Afternoon Letter , a daily two-page financial news bulletin which was the precursor to The Wall Street Journal . On January 2, 1886, the number of stocks represented in what is now the Dow Jones Transportation Average dropped from 14 to 12, as the Central Pacific Railroad and Central Railroad of New Jersey were removed. Though comprising the same number of stocks, this index contained only one of
3456-461: The Dow ( / ˈ d aʊ / ), is a stock market index of 30 prominent companies listed on stock exchanges in the United States. The DJIA is one of the oldest and most commonly followed equity indexes. Many professionals consider it to be an inadequate representation of the overall U.S. stock market compared to a broader market index such as the S&P 500 . The DJIA includes only 30 large companies. It
3552-485: The Dubai World 2009 debt standstill, and the 2011 United States debt-ceiling crisis . On May 6, 2010, the Dow lost 9.2% intra-day and regained nearly all of it within a single hour. This event, which became known as the 2010 Flash Crash , sparked new regulations to prevent future incidents. Six years after its previous high in 2007, the Dow finally closed at a new record high on March 5, 2013. It continued rising for
3648-563: The London interbank offered rate from the British Bankers Association . The new administrator is NYSE Euronext Rates Administration Limited, a London-based, UK registered company, regulated by the UK's Financial Conduct Authority . NYSE Euronext maintains an active marketing campaign, both for its own brand, as well as for its listed companies. The Global Marketing and Branding department
3744-581: The New York Board of Trade in New York. The Derivatives segment consists of NYSE Euronext's derivatives trading and clearing businesses. This includes NYSE Liffe , NYSE Liffe Clearing, NYSE Liffe US, NYSE Amex Options, NYSE Arca Option, and related derivatives market data. NYSE Liffe comprises the derivatives market operated by LIFFE Administration and Management, Euronext Amsterdam, Euronext Brussels, Euronext Lisbon, and Euronext Paris. It offers customers
3840-598: The Second Sino-Japanese War of 1937. The United States experienced the Recession of 1937–1938 , which temporarily brought economic recovery to a halt. The largest one-day percentage gain in the index happened in the depths of the 1930s bear market on March 15, 1933, when the Dow gained 15.34% to close at 62.10. However, as a whole throughout the Great Depression, the Dow posted some of its worst performances, for
3936-640: The Vietnam War ended in 1975, new tensions arose towards Iran surrounding the Iranian Revolution in 1979. Performance-wise for the 1970s, the index remained virtually flat, rising 4.8% from 800.36 to 838.74. The 1980s began with the early 1980s recession . In early 1981, the index broke above 1,000 several times, but then retreated. After closing above 2,000 in January 1987, the largest one-day percentage drop occurred on Black Monday , October 19, 1987, when
Espírito Santo Financial Group - Misplaced Pages Continue
4032-482: The dot-com bubble . Between late 1992 and early 1993, the Dow staggered through the 3,000 level making only modest gains as the biotechnology sector suffered through the downfall of the Biotech Bubble; as many biotech companies saw their share prices rapidly rise to record levels and then subsequently fall to new all-time lows. The Dow soared from 2,753 to 8,000 between January 1990 to July 1997. In October 1997,
4128-561: The 10,000 mark by year end. The Dow continued climbing and reached a record high of 14,198.10 on October 11, 2007, a mark which was not matched until March 2013. It then dropped over the next year due to the 2007–2008 financial crisis . On September 15, 2008, a wider financial crisis became evident after the Bankruptcy of Lehman Brothers along with the economic effect of record high oil prices which had reached almost $ 150 per barrel two months earlier. The Dow lost more than 500 points for
4224-715: The Banco Espirito Santo in Portugal, Azores and Madeira , BES has branches in Luanda , as well as branches or offices in São Paulo , Praia , Madrid , London , Frankfurt , Paris , Warsaw , Lausanne , Macau , Panama City , Dubai , Miami , New York City , Caracas and the Cayman Islands . In May 2014, it was disclosed, in a rights issue document of Banco Espírito Santo, the major shareholder(Espirito Santo International) of
4320-553: The Bank of Portugal. Prior to its downfall, it came to public attention that the group had several dealings and associations with corruption and tax avoidance cases, such as the bribery case over the acquisition of submarines and the Panama Papers scandal. The potential of a default of the group's obligations caused great concern among creditors. On 11 July 2014, Banco Espírito Santo , partially owned by ESFG, disclosed that it has
4416-529: The DJIA is possible via index funds as well as via derivatives such as option contracts and futures contracts . Index funds , including mutual funds and exchange-traded funds (ETF) can replicate, before fees and expenses, the performance of the index by holding the same stocks as the index in the same proportions. An ETF that replicates the performance of the index is issued by State Street Corporation ( NYSE Arca : DIA ). ProShares offers leveraged ETFs that attempt to produce three times
4512-405: The Dow fell nearly 20%. By early January 2019, the index had quickly rallied more than 10% from its Christmas Eve low. Overall in the 2010s decade, the Dow increased from 10,428.05 to 28,538.44 for a substantial gain of 174%. Despite the emerging COVID-19 pandemic , the Dow continued its bull run from the previous decade before peaking at 29,551.42 on February 12, 2020 (29,568.57 intraday on
4608-601: The Dow occurred despite the Recession of 1949 and various global conflicts. During the 1950s, the Korean War and the Cold War did not stop the Dow's climb higher. A nearly 240% increase in the average from 200.13 to 679.36 ensued over the course of that decade. The Dow began to stall during the 1960s as the markets trudged through the Kennedy Slide of 1962 , but still managed an 18% gain from 679.36 to 800.36. The 1970s marked
4704-543: The EU for the planned merger, to scrap the merger. On December 20, 2012, the boards of directors of both Intercontinental Exchange (ICE) and the NYSE Euronext approved an $ 8 billion acquisition of NYSE Euronext. Under the terms shareholders of NYSE would receive either $ 33.12 in cash for each share or .2581 IntercontinentalExchange Inc. shares, or a combination of $ 11.27 in cash per share plus .1703 shares of stock. The acquisition
4800-578: The NYX ticker. Owners of the 1,366 NYSE seats received 80,177 shares of NYSE Group stock plus $ 300,000 in cash and $ 70,571 in dividends for each seat. The completion of this deal created two new branches of the NYSE Group: NYSE Arca and NYSE Arca Europe, which launched after the acquisition of Euronext. In April 2006, NYSE Group and Euronext signed a merger agreement, subject to shareholder vote and regulatory approval. Euronext shareholders gave approval to
4896-456: The S&P 500 Index or the Russell 3000 Index . Additionally, the DJIA is criticized for being a price-weighted index , which gives higher-priced stocks more influence over the average than their lower-priced counterparts, but takes no account of the relative industry size or market capitalization of the components. For example, a $ 1 increase in a lower-priced stock can be negated by a $ 1 decrease in
SECTION 50
#17328723377004992-500: The US equities market, particularly the S&P 500 Index . Between ( 1980-January-{{{day}}} ) ( 2023-November-{{{day}}} ) January 1980 – November 2023 , the DJIA returned an annualized 8.90%, with the S&P 500 returning a nearly identical 8.91%. With the inclusion of only 30 stocks, critics such as Ric Edelman argue that the DJIA is an inaccurate representation of overall market performance compared to more comprehensive indices such as
5088-527: The United Kingdom. Arca Europe integrates this trading facility with the other business components of the company, giving customers the flexibility in trading of an MTF while maintaining the global market reach of NYSE Euronext. SmartPool Trading Limited is a UK-registered company supplying an MTF approved by the Financial Services Authority (FSA). It provides an exchange-led dark pool for
5184-531: The United Press International) closed over 30,000 on December 31, 2020, at a record 30,606.48. On November 24, following news that the presidential transition of Joe Biden was approved, the Dow increased by more than 500 points, closing at 30,046.24. On January 22, 2024, the Dow Jones crossed 38,000 points for the first time; a month later it surpassed 39,000; and in May, it surpassed 40,000 points. The DJIA
5280-491: The United States on par with the gold standard . When the markets reopened on December 12, 1914, the index closed at 74.56, a gain of 4.4%. This is frequently reported as a large drop, due to using a later redefinition. Reports from the time say that the day was positive. Following World War I, the United States experienced another economic downturn, the Post–World War I recession . The Dow's performance remained unchanged from
5376-474: The advantages of one of the most technologically advanced derivatives trading platforms as well as one of the widest choices of products of any derivatives market. Through a single electronic trading platform , NYSE Liffe offers customers access to a wide range of interest-rate , equity , index , commodity and currency derivative products. This platform has been designed to handle significant order flows and transaction volumes. Orders can be matched either on
5472-400: The announced agreement, FINRA assumed regulatory functions for NYSE Euronext's U.S. equities and options markets – the New York Stock Exchange, NYSE Arca, and NYSE Amex. NYSE Euronext, through its subsidiary NYSE Regulation, remains ultimately responsible for overseeing FINRA's performance of regulatory services for the NYSE markets. In early 2014, NYSE Euronext took over the administration of
5568-447: The average fell 22.61%. There were no clear reasons given to explain the crash. On October 13, 1989, the Friday the 13th mini-crash , which initiated the collapse of the junk bond market, resulted in a loss of almost 7% of the index in a single day. During the 1980s, the Dow increased 228% from 838.74 to 2,753.20; despite the market crashes, Silver Thursday , an early 1980s recession ,
5664-466: The closing value of the previous decade, adding only 8.26%, from 99.05 at the beginning of 1910, to a level of 107.23 at the end of 1919. The Dow experienced a long bull run from 1920 to late 1929 when it rose from 73 to 381 points. In 1928, the components of the Dow were increased to 30 stocks near the economic height of that decade, which was nicknamed the Roaring Twenties . This period downplayed
5760-421: The company had received the EU's so-called statement of objections, which was more than 100 pages long, and would be responding within two weeks, possibly by asking for the opportunity for an oral hearing with the regulators. The EU examination of the proposal formally began June 29 has said its expanded probe has a Dec. 13 deadline. In March, Joaquín Almunia , the EU's antitrust commissioner, expressed concern that
5856-501: The company's exchanges include the New York Stock Exchange, Liffe, Euronext and NYSE Arca. With more than 8,000 listed issues (which includes 90% of the Dow Jones Industrial Average and 80% of the S&P 500 , trading on NYSE Euronext's equity markets represents more than one-third of the world's cash equities volume. The company also manages the leading European derivatives exchange by value of trading. NYSE Euronext
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#17328723377005952-581: The company, with former Amex listings now trading directly on the NYSE, and has begun trading certain Nasdaq -listed securities. NYSE Arca is the first electronic market to offer listed ETP issuers a Lead Market Maker program, which encourages liquidity provision that contributes to the best prices and depth in the ETP marketplace. It is registered as a national securities exchange under the Exchange Act. NYSE Alternext
6048-444: The daily result of either investing in ( NYSE Arca : UDOW ) or shorting ( NYSE Arca : SDOW ) the Dow Jones Industrial Average. In the derivatives market, the CME Group through its subsidiaries the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT), issues Futures Contracts; the E-mini Dow ($ 5) Futures (YM) , which track the average and trade on their exchange floors respectively. Trading
6144-473: The day, returning to its mid-July lows below 11,000. A series of bailout packages, including the Emergency Economic Stabilization Act of 2008 , proposed and implemented by the Federal Reserve and United States Department of the Treasury did not prevent further losses. After nearly six months of extreme volatility during which the Dow experienced its largest one-day point loss, largest daily point gain, and largest intraday range (of more than 1,000 points) at
6240-410: The deadline for completing their merger until March 31, 2012, so the exchange operators could try to persuade European regulators to approve the deal. On February 1, 2012, the European Union blocked the planned merger between NYSE Euronext and Deutsche Boerse. The European Commission—the EU's executive body—ruled against the merger because, they said, the combined exchange would control more than 90% of
6336-501: The deal would maybe monopolize the derivatives market due to Deutsche Boerse's "vertical silo" which routes all trade clearing through its own services. Almunia said then he preferred a "more open business model" for markets. On December 22, 2011, Deutsche Boerse won U.S. antitrust approval to buy NYSE Euronext, on condition that a Deutsche Boerse subsidiary, the International Securities Exchange, divest its 31.5 percent interest in Direct Edge . NYSE Euronext and Deutsche Boerse AG delayed
6432-403: The decade, the Dow saw a rather substantial pullback for a negative return from 11,497.12 to 10,428.05, a loss of a 9.3%. During the first half of the 2010s decade, aided by the Federal Reserve 's loose monetary policy including quantitative easing , the Dow made a notable rally attempt. This was despite significant volatility due to growing global concerns such as the European debt crisis ,
6528-408: The ensuing Great Depression over the next several years saw the Dow continue to fall until July 8, 1932, when it closed at 41.22, roughly two-thirds of its mid-1880s starting point and almost 90% below its peak. Overall for the 1920s decade, the Dow still ended with a healthy 131.7% gain, from 107.23 to 248.48 at the end of 1929. In inflation-adjusted numbers, the high of 381.17 on September 3, 1929,
6624-434: The events surrounding the 1997 Asian financial crisis plunged the Dow into a 554-point loss to a close of 7,161.15; a retrenchment of 7.18% in what became known as the October 27, 1997 mini-crash . However, the Dow continued climbing past 9,000 despite negativity surrounding the 1998 Russian financial crisis along with the subsequent fallout from the 1998 collapse of Long-Term Capital Management due to bad bets placed on
6720-439: The execution of block orders covering 15 different European markets, with a full central counter party back-end through LCH.Clearnet and EuroCCP. SmartPool was created by NYSE Euronext in partnership with BNP Paribas , HSBC , and J.P. Morgan Chase . NYSE Euronext holds a 60% interest in BlueNext with the remaining 40% held by CDC Climat. BlueNext operates a spot market in carbon dioxide emission allowances and credits that
6816-444: The first global equities exchange, with its headquarters in Lower Manhattan . The corporation was then acquired by Intercontinental Exchange , which subsequently spun off Euronext. NYSE Euronext offers a broad and growing array of financial products and services in cash equities, futures , options , exchange-traded products (ETPs), bonds , market data, and commercial technology. Spanning multiple asset classes and six countries,
6912-520: The first quarter of 2020, the DJIA fell 23%, its worst quarter since 1987. The market recovered in the third quarter, returning to 28,837.52 on October 12, 2020, and peaked momentarily at a new all-time high of 29,675.25 on November 9, 2020, at 14:00 ET, following that day's announcement of the success of the Pfizer–BioNTech COVID-19 vaccine in Phase III clinical trials. The Dow (as reported by
7008-403: The following companies, with a weighting as shown: As of November 8, 2024, the components of the DJIA have changed 59 times since its beginning on May 26, 1896. General Electric had the longest presence on the index, beginning in the original index in 1896 and ending in 2018, but was dropped and re-added twice between 1898 and 1907. Changes to the index since 1991 are as follows: Investing in
7104-520: The framework, NYSE Euronext remains the largest shareholder in the entity and manages the day-to-day operations of NYSE Amex Options, which operates under the supervision of a separate board of directors and chief executive officer. NYSE Euronext consolidates this entity for financial reporting purposes. NYSE Arca Options, the other of NYSE Euronext's two U.S. options exchanges, offers immediate, cost-effective electronic order execution in nearly two thousand options issues. The NYSE Arca Options business uses
7200-526: The group was in “serious financial condition” and accounting “irregularities" were found after an external audit was ordered by the Bank of Portugal . ESFG owned 25% of Banco Espírito Santo and Espírito Santo International owned 49% of ESFG. The Government of Portugal and Portugal's biggest bank, Caixa Geral de Depósitos , refused assistance to the group. Long time CEO, Ricardo Salgado resigned in July 2014, on pressure by
7296-715: The influence of the Depression of 1920–1921 and certain international conflicts such as the Polish–Soviet War , the Irish Civil War , the Turkish War of Independence and the initial phase of the Chinese Civil War . After a peak of 381.17 on September 3, 1929, the bottom of the 1929 crash came just 2 months later on November 13, 1929, at 195.35 intraday, closing slightly higher at 198.69. The Wall Street Crash of 1929 and
7392-501: The merger, and on July 13, 2011, Deutsche Boerse shareholders approved the deal as well. These decisions move the two sides closer to completing the transaction, which must still pass through forty separate regulatory approval processes to be finalized. The merger was subject to review in both the United States and with the European Union (EU) for concerns it could create a " de facto monopoly ". In October 2011, CEO Niederauer said
7488-428: The midst of a lengthy bear market. Between January 1973 and December 1974, the average lost 48% of its value in what became known as the 1973–1974 stock market crash , closing at 577.60 on December 6, 1974. The nadir came after prices dropped more than 45% over two years since the NYSE's high point of 1,003.16 on November 4, 1972. In 1976, the index reached 1,000 several times and it closed the year at 1,004.75. Although
7584-449: The movement of the Russian ruble . On March 29, 1999, the average closed at 10,006.78, its first close above 10,000. This prompted a celebration on the New York Stock Exchange trading floor, complete with party hats. Total gains for the decade exceeded 315%; from 2,753.20 to 11,497.12, which equates to 12.3% annually. The Dow averaged a 5.3% return compounded annually for the 20th century,
7680-460: The next several years past 17,000 points until a brief 2015–2016 stock market selloff in the second half of 2015. It then picked up again in early 2016 and climbed past 25,000 points on January 4, 2018. On November 9, 2016, the day after Donald Trump 's victory over Hillary Clinton in the U.S. presidential election , the index soared, coming within roughly 25 points of its all-time intraday high to that point. Volatility returned in 2018 when
7776-418: The original twelve industrials that would eventually form Dow's most famous index. Dow calculated his first average purely of industrial stocks on May 26, 1896, creating what is now known as the Dow Jones Industrial Average . None of the original 12 industrials still remain part of the index. When it was first published in the mid-1880s, the index stood at a level of 62.76. It reached a peak of 78.38 during
7872-657: The powerful brand that is NYSE Euronext. The Events department of NYSE Euronext is responsible for coordinating bell ceremonies, receptions, conferences, and street events. Beginning in 2010, the NYSE Euronext opened its doors to non-listed companies to utilize NYSE facilities for after-hours events. The opening and closing bell ceremonies hosted by the NYSE date back to 1903, taking place Monday through Friday at 9:30 a.m. and 4:00 p.m. respectively in New York City. Dow Jones Industrial Average The Dow Jones Industrial Average ( DJIA ), Dow Jones , or simply
7968-423: The quotations right before and after the event coincide: Since November 8, 2024, the Dow Divisor is 0.16268413125742 and every $ 1 change in price in a particular stock within the average equates to a 6.146881 (or 1 ÷ 0.16268413125742) point movement. Despite its unusual weighting by price rather than market capitalization, the Dow Jones Industrial Average is highly correlated with other proxies of
8064-599: The regulated compartments of NYSE Euronext. On May 4, 2010, NYSE Euronext and the Financial Industry Regulatory Authority (FINRA) announced that FINRA would assume responsibility for performing the market surveillance and enforcement functions originally conducted by NYSE Regulation. The agreement was subject to review by the Securities and Exchange Commission (SEC) and was completed in June 2010. Under
8160-523: The same day). The index slowly retreated for the remainder of the week and into the next week, before coronavirus fears and an oil price war between Saudi Arabia and Russia sent the index into a tailspin , recording several days of losses (and gains ) of at least 1,000 points, a typical symptom of a bear market as previously seen in October 2008 during the 2007–2008 financial crisis . Volatility rose high enough to trigger multiple 15-minute trading halts . In
8256-399: The summer of 1890, but reached its all-time low of 28.48 in the summer of 1896 during the Panic of 1896 . Many of the biggest percentage price moves in the Dow occurred early in its history, as the nascent industrial economy matured. In the 1900s, the Dow halted its momentum as it worked its way through two financial crises: the Panic of 1901 and the Panic of 1907 . The Dow remained stuck in
8352-520: The time, the index closed at a new 12-year low of 6,547.05 on March 9, 2009, its lowest close since April 1997. The Dow had lost 20% of its value in only six weeks. Towards the latter half of 2009, the average rallied towards the 10,000 level amid optimism that the Great Recession , the United States housing bubble and the 2007–2008 financial crisis , were easing and possibly coming to an end. For
8448-437: The trade in European derivatives. The European Commission report stated, "The merger between Deutsche Boerse and NYSE Euronext would have led to a near-monopoly in European financial derivatives worldwide... These markets are at the heart of the financial system and it is crucial for the whole European economy that they remain competitive". On February 2, 2012, the NYSE Euronext and Deutsche Börse agreed with strong opposition by
8544-464: The transaction on December 19, 2006, and shareholders from the NYSE Group followed suit one day later. In April 2007 the Euronext shareholders tendering shares can receive NYSE shares and cash amounting to $ 11,141 million from NYSE Euronext for their assets. About 94% of the 112,557,259 shares are tendered in the first round. The NYSE Group and Euronext merger on April 4, 2007, signaled the creation of
8640-520: The value of the index is unaffected by the stock split. First calculated on May 26, 1896, the index is the second-oldest among U.S. market indices, after the Dow Jones Transportation Average . It was created by Charles Dow , co-founder of both The Wall Street Journal and Dow Jones & Company , and named after him and his business associate, statistician Edward Jones . The index is maintained by S&P Dow Jones Indices , an entity majority-owned by S&P Global . Its components are selected by
8736-509: The world's largest and most liquid exchange group—NYSE Euronext. NYSE Euronext, through its wholly owned subsidiary NYSE Technologies, Inc. acquired NYFIX, Inc. (Nasdaq: NYFX) for $ 144 million in November 2009. NYSE Euronext incorporated NYFIX's trading software into the company's package of offerings to customers. In 2011, Bloomberg reported that the German exchange operator Deutsche Börse
8832-469: The year. In 2002, the Dow dropped to a four-year low of 7,286 on September 24, 2002, due to the stock market downturn of 2002 and lingering effects of the dot-com bubble . Overall, while the NASDAQ index fell roughly 75% and the S&P 500 index fell roughly 50% between 2000 and 2002, the Dow only fell 27% during the same period. In 2003, the Dow held steady within the 7,000 to 9,000-point level and recovered to
8928-444: Was created by NYSE Euronext to meet the needs of small and mid-sized companies seeking simplified access to the stock market. Its streamlined listing requirements and trading rules are suited to the size and business needs of such firms. The rules also ensure investor transparency. NYSE Alternext's special listing procedures, unique market model, and listings of sponsor companies for members are its most notable features. NYSE Alternext
9024-679: Was in advanced talks to buy NYSE Euronext for $ 9.53 billion in a deal that would create the world's largest trading powerhouse. The shares of both companies were temporarily frozen on the news due to the risk of large price movements and clarifications of the deal. A successful deal would see the new company becoming the world's largest stock exchange operator with a market capitalization of listed companies equal to $ 15 trillion. The proposed group would have dual headquarters, in Deutsche Boerse's newly built green tower near Frankfurt , Germany , and in New York City at 11 Wall Street. It would be led by
9120-478: Was initially approved in 2005 by a 95% majority of voting NYSE members. The acquisition of Archipelago, which held possession of highly regarded market technology at the time, was intended to bring automated trading to NYSE markets (which had previously utilized an " open outcry " system) and increase efficiency. For the first time in its 213-year history, the New York Stock Exchange became a for-profit company, and began trading publicly on its own stock exchange under
9216-491: Was not surpassed until 1954. Marked by global instability and the Great Depression, the 1930s contended with several consequential European and Asian outbreaks of war, leading to the catastrophic World War II in 1939. Other conflicts during the decade which affected the stock market included the 1936–1939 Spanish Civil War , the 1935–1936 Second Italo-Abyssinian War , the Soviet-Japanese Border War of 1939 , and
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