The NYSE, or the New York Stock Exchange, is a stock market in the United States. It was founded in 1790 and spurred development of the country’s financial sector and westward expansion. In 1896, the Dow Jones Industrial Average was established, initially tracking 12 components of industrial companies. In 1926, a new exchange called the S&P 500 was created, tracking a group of 90 stocks. The NYSE has seen many ups and downs since its founding, including numerous crashes since 1929.
The AMEX, along with other stock exchanges, faced several challenges over the years, including the 1929 Crash, the Great Depression, and the introduction of computers. In 1973, the NYSE and the AMEX formed a new holding company called the Securities Industry Automation Corporation, which combined their trading platforms. In the 1980s, the AMEX experienced strong growth and expanded its facilities. However, it lagged behind the NYSE and the NASDAQ in terms of volume of trade. In 1994, the AMEX appointed Richard Syron as its chairman, giving observers new hope for the AMEX’s future.
The first stock market was established in Amsterdam in 1611. America didn’t join until the late 1700s, when a small group of merchants created the Buttonwood Tree Agreement, which allowed them to trade stocks on a daily basis. This agreement later became the New York Stock Exchange.