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歐債集體走強(qiáng) 美股期貨轉(zhuǎn)漲 諾和諾德創(chuàng)歷史新高 歐元短線下挫 德國10年期國債收益率創(chuàng)一個(gè)多月來新低,嗶哩嗶哩大跌7%,“七姐妹”多數(shù)上漲,日元持續(xù)反彈,金價(jià)維持在高位。 趙穎、李笑寅
21:42
歐洲央行連續(xù)第四次“按兵不動(dòng)” 下調(diào)今、明兩年通脹預(yù)測(cè) 歐央行下調(diào)了今年通脹預(yù)測(cè),為未來幾個(gè)月的降息打開了大門,交易員增加降息預(yù)期,預(yù)計(jì)2024年將降息100個(gè)基點(diǎn)。 趙穎
21:36
銀行發(fā)文明確:在廣州放售/放租兩套買第三套房可按首套房執(zhí)行 如果手握300萬元的首付資金,以前需要四成首付、只能購入750萬元的房產(chǎn);現(xiàn)在即使是購買第三套,也可購入1000萬元的房源。 南方Plus
21:31
嗶哩嗶哩美股盤前跌7%,Q4虧損收窄,游戲收入降幅超預(yù)期 | 財(cái)報(bào)見聞 上季凈虧損13億元,同比收窄13%,Non-GAPP調(diào)整后凈虧損為5.6億元,同比收窄58%,但游戲收入降幅超預(yù)期。 常嘉帥
21:18
諾和諾德股價(jià)創(chuàng)新高 公司公布下一代減肥藥最新數(shù)據(jù) 全新GLP-1口服藥初步試驗(yàn)結(jié)果樂觀,諾和諾德股價(jià)大漲6%,創(chuàng)歷史新高。 常嘉帥
21:08
煤炭的“賣出”信號(hào)出現(xiàn)了嗎? 方正證券認(rèn)為,上周煤炭中觀景氣指數(shù)回落不構(gòu)成“賣出”信號(hào)。短期看煤炭需求仍有支撐,港口庫存壓力不大,不會(huì)形成累庫趨勢(shì);長(zhǎng)期看煤炭等“稀缺資產(chǎn)”將漲價(jià)重估。 方正證券曹柳龍、徐嘉奇
20:59
宏觀經(jīng)濟(jì)層面亮點(diǎn)多多,維持中長(zhǎng)期對(duì)金價(jià)樂觀預(yù)期,日股印股表現(xiàn)靚麗---0307宏觀脫水 一、宏觀經(jīng)濟(jì)層面亮點(diǎn)多多十四屆全國人大二次會(huì)議于3月6日召開經(jīng)濟(jì)主題記者會(huì),國家發(fā)展和改革委員會(huì)主任... 張藝璇
20:58
市場(chǎng)份額超90%!臺(tái)積電在AI時(shí)代的統(tǒng)治力更強(qiáng)了 摩根大通指出,得益于緊密集成的封裝技術(shù)、領(lǐng)先的工藝技術(shù)以及最廣泛的客戶生態(tài)系統(tǒng),臺(tái)積電在Al半導(dǎo)體領(lǐng)域的護(hù)城河似乎比以前的產(chǎn)品周期更寬。 硬AI
20:54
加碼AI芯片!SK海力士計(jì)劃斥資10億美元提高HBM封裝能力 SK海力士芯片封裝主管認(rèn)為,半導(dǎo)體行業(yè)前50年都在專注芯片本身的設(shè)計(jì)和制造,而接下來的50年,一切將圍繞芯片封裝展開。 常嘉帥
20:49
中日車企對(duì)戰(zhàn)泰國 中日車企在泰國形成了罕見的單挑局面,泰國是日本車企在東南亞的大本營,日企正試圖游說泰國政府放緩電動(dòng)化步伐。 財(cái)經(jīng)十一人
20:41
日股低迷期間基金的自救與破局 國信證券認(rèn)為,日本高股息+出海穩(wěn)健長(zhǎng)期跑贏,低價(jià)股策略、逆向投資策略、多空+倉位管理策略、估值為盾+景氣為矛的行業(yè)輪動(dòng)策略四類策略階段性跑贏。 國信證券王開、陳凱暢
20:38
比亞迪168萬豪車登場(chǎng) 沖高之戰(zhàn)。 曹安潯
20:35
降息預(yù)期推遲 歐央行今晚繼續(xù)“按兵不動(dòng)”? 緊盯有關(guān)降息的任何表述。 趙穎
20:23
大通脹,把黃金拖入逝去二十年! 上世紀(jì)八九十年代的黃金熊市,值得警惕。 陳瀚學(xué)
20:12
亞洲股市下一步的關(guān)鍵:中國看財(cái)報(bào)、日本看匯率、韓國看治理、印度看基建 匯豐認(rèn)為財(cái)報(bào)將是驅(qū)動(dòng)中國股市走勢(shì)的關(guān)鍵因素。目前市場(chǎng)預(yù)計(jì)2024年中國企業(yè)每股收益將增長(zhǎng)16%。 常嘉帥
20:12
AMD CFO:AI走向端側(cè)是未來,2024年MI300收入將達(dá)35億美元 AMD認(rèn)為,2027年AI芯片的市場(chǎng)規(guī)模達(dá)到4000億美元是根據(jù)客戶對(duì)其長(zhǎng)期需求計(jì)算所得,越來越多的用戶在開源生態(tài)系統(tǒng)上編寫模型,與英偉達(dá)的差距縮小。 硬AI
19:57
滬上阿姨用“蜜雪價(jià)格”沖擊下沉市場(chǎng) | 見智研究 隨著各家新茶飲IPO臨近,低線城市的增長(zhǎng)故事怎么講? 陳艷
19:13
誰?在瘋狂買入比特幣 韓國等亞洲投資者的賭性成為比特幣的沃土。 侯秋蕓
19:09
關(guān)于特別國債的幾點(diǎn)探討 華泰固收指出,歷次市場(chǎng)化發(fā)行的特別國債都難免對(duì)債市產(chǎn)生一定擾動(dòng),幅度主要取決于貨幣政策配合力度,當(dāng)前貨幣政策整體態(tài)度穩(wěn)健,但極力避免大水漫灌。 華泰固收張繼強(qiáng)團(tuán)隊(duì)
19:01
從30年國債到10年國開,接下來往哪買? 華泰固收認(rèn)為,更為穩(wěn)妥的仍是10年期限的品種,近期一方面機(jī)構(gòu)選擇拉久期債券時(shí),正逐漸向10年傾斜,另一方面投資者對(duì)10年國開的偏好高于10年國債。 華泰固收張繼強(qiáng)團(tuán)隊(duì)
18:38
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2024-03-08?星期五
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四季度家庭凈值變動(dòng)(億美元) 前值:-13120 預(yù)期:-- 今值:--
04:00
1月消費(fèi)信貸變動(dòng)(億美元) 前值:15.61 預(yù)期:100 今值:--
07:30
1月所有家庭支出同比 前值:-2.5 預(yù)期:-4.1 今值:-- 華爾街見聞 關(guān)于我們 廣告投放 版權(quán)與商務(wù)合作 聯(lián)系方式
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What Is Wall Street? Role in Investing and Why It's Famous
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What Is Wall Street?
Understanding Wall Street
Importance
History
Wall Street vs. Main Street
Key Events
Regulation
FAQs
The Bottom Line
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What Is Wall Street? Role in Investing and Why It's Famous
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What Is Wall Street?
Wall Street is literally a street located in New York City at the southern end of Manhattan. Figuratively, Wall Street is much more. It's synonymous with the financial industry and the firms within it. This connotation has its roots in the fact that so many brokerages and investment banks historically have established their headquarters in and around the street. All the better to be close to the New York Stock Exchange (NYSE).
Being on or near Wall Street is no longer considered essential for financial institutions. In fact, these days they are located all around the country. However, the term "Wall Street" still means business—the investment business—and the interests, motivations, and attitudes of its players.
Key Takeaways
Wall Street is a street located in the lower Manhattan section of New York City.Wall Street is used as an umbrella term to describe the financial markets and the companies that trade publicly on exchanges throughout the U.S.Historically, Wall Street has been the location of some of the largest U.S. brokerages and investment banking firms, and is also the home of the NYSE.Wall Street is often contrasted with Main Street, the latter of which is a metaphor for small businesses and individual investors.Events that happened on or around Wall Street often have impacted not just the investment industry, but the U.S. (and even the global) economy.
Understanding Wall Street
Wall Street and its surrounding southern Manhattan neighborhood—known to locals as the Financial District—remain an important location where a number of financial institutions are based. However, the globalization and digitization of finance and investing have led to the rise of many U.S. broker-dealers, registered investment advisors, and investment companies located elsewhere.
Still, Wall Street remains a collective name for the financial markets, the companies that trade publicly, and the investment community itself. Stock exchanges, investment banking firms, commercial banks, brokerages and broker-dealers, financial services, and underwriting firms all symbolize Wall Street.
It's a globally recognized expression that, to some extent, ever refers to the U.S. financial system. Both the NYSE (the largest equities-based exchange in the world) and the Federal Reserve Bank of New York—arguably the most important regional bank of the Federal Reserve System—are based in the Wall Street area.
Wall Street is often shortened to "the Street," which is how the term is frequently used by those in financial circles and the media. For example, when reporting a company's earnings, an analyst might compare a company's revenues to what the Street was expecting. In this case, the analyst is comparing the company's earnings to what financial analysts and investment firms were expecting for that period.
The Importance of Wall Street
Wall Street has had an important impact both economically and culturally.
Economic Importance
The U.S. is the largest economy in the world and New York City is its financial center. As such, Wall Street's global importance is unparalleled.
Wall Street consists of some of the largest financial institutions in the world and employs hundreds of thousands of people. It's home to the NYSE and Nasdaq stock exchanges, two of the largest stock exchanges in the world. On these exchanges are listed some of the biggest companies, including Amazon, Google, Apple, and Exxon.
The economic importance of Wall Street extends throughout the American and international economies, as many financial firms do business worldwide, extend loans to a variety of businesses and individuals, and finance large-scale, global projects.
Cultural Importance
Wall Street's cultural influence extends to movies, TV shows, books, and more. Films such as Wall Street, Margin Call, Boiler Room, Barbarians at the Gate, and more from previous decades, highlight what the fast-paced life is like on Wall Street. They display an exciting, wealthy, and interesting lifestyle.
Large players on Wall Street have become celebrity icons. Warren Buffett, Jamie Dimon, Carl Icahn, Bernie Madoff, George Soros, and Larry Fink are names familiar to many. In the imaginations of some in contemporary society, the term Wall Street may evoke a sense of power, the elite, and often, unscrupulous behavior.
During times of economic trouble, such as the financial crisis of 2008, Wall Street sometimes becomes a scapegoat and the ills of the economy are blamed on the assumed greed associated with it. No other financial term has become so woven into the global culture.
History of Wall Street
Wall Street got its name from the wooden wall Dutch colonists built in lower Manhattan in 1653 to defend themselves from the British and Native Americans. The wall was taken down in 1699, but the name stuck.
Given its proximity to New York's ports, the Wall Street area became a bustling center of trade in the 1700s. Its origins as a financial center began in?1792, when 24 of the most prominent?brokers?and merchants in the U.S. signed the?Buttonwood?Agreement. They reportedly gathered on Wall Street, under a buttonwood tree, to do business.
The agreement outlined the common?commission-based form of trading securities. In effect, it was an effort to establish a members-only stock exchange. Some of the first securities traded were war bonds and?the stocks of such institutions as the Bank of New York.
Out of this acorn of an agreement, the oak that became the NYSE grew. In 1817, the Buttonwood brokers renamed themselves The New York Stock and Exchange Board. The organization rented out spaces for trading in several locations until 1865, when it settled on a location of its own, at the corner of Wall and Broad Streets.
18 Broad Street
The location of the beating heart of Wall Street, the NYSE, is a 1903 Neo-Classical structure of white marble. An adjacent annex, constructed in 1922, is located at 11 Wall Street, and another subsidiary building is at 20 Broad Street. These three buildings fill the block bounded by Wall Street on the north, Broad Street on the East, Exchange Place on the south, and New Street on the west.
As the U.S. grew, several other major exchanges established headquarters in the Wall Street area. These included the?New York Mercantile Exchange, the?New York Board of Trade, the New York Futures Exchange (NYFE), and the?American Stock Exchange, now known as the NYSE American Options.
To support the exchanges and to be where the action was, banks, brokerage firms, and financiers clustered offices around Wall Street. In the late 19th and early 20th centuries, the House of Morgan, officially J.P. Morgan & Co.—the forerunner to JP Morgan Chase and Morgan Stanley—was directly opposite the NYSE, at 23 Wall Street.
After World War I, New York City surpassed London to become the world's largest and most significant financial center.
Wall Street vs. Main Street
Wall Street is often compared and contrasted to Main Street. The term "Main Street" is used as a metaphor for individual investors, small businesses, employees, and the overall economy. It's derived from the common name for the principal street of a town where most of the local businesses are located.
There is often a perceived conflict between the goals, desires, and motivations of Main Street and Wall Street. Wall Street tends to represent big businesses and financial institutions, while Main Street represents mom-and-pop shops, small companies, and individuals.
Key Events on Wall Street
Events that happened on or around Wall Street often have impacted not just the investment industry, but the global economy and society. Here are some significant moments in Wall Street history.
1889: The Wall Street Journal
On July 8, 1889, Charles Dow, Edward Jones, and Charles Bergstresser?launched The Wall Street Journal, a four-page afternoon newspaper devoted to objective financial and business news. The three men were reporters, but Dow was also a numbers-cruncher who came up with the idea of creating a benchmark list of companies and their stock prices to represent the entire stock market.
Soon, the Journal was publishing the Dow Jones Industrial Average (DJIA) index along with hundreds of prices of company stocks, bonds, and futures, and the average prime rate for bank loans. For nearly a century, before the advent of real-time internet listings, the Journal was the paper of record for the financial markets.
It evolved into a six-day-a-week periodical (that's been online since 1996). The Journal is a leading and well-respected source of financial and business journalism.
The three founders operated out of offices in lower Manhattan. The fact that they chose to name their new publication The Wall Street Journal indicates that Wall Street already was something of an umbrella term for the world of finance and its denizens. Over the years, the paper helped fix this meaning in the public's mind.
1920: The Wall Street Bombing
It was around noon on Sept. 16, 1920. A horse-drawn cart pulled up at 23 Wall Street right in front of the headquarters of J.P. Morgan & Co. A bustling corner of the neighborhood, it was especially crowded with those headed out for lunch. The cart suddenly exploded. It had been packed with dynamite and filled with sash weights that sailed through the air.
At that time, it was the worst domestic bombing in U.S. history. Ultimately, 40 people were killed or died from their injuries, and another 300 were injured. The J.P. Morgan building's interior was gutted. Marks from the shrapnel still are visible on the exterior.
No one claimed credit and the case was never solved. But because the explosion occurred in front of the Morgan building, known as a symbol of American capitalism, the bombing was ultimately decided to have been an act of terrorism performed by “Reds”—anarchists and communist sympathizers. A stack of anarchist flyers found in a mailbox a block away from Wall Street supported this theory.
As a result, the authorities arrested hundreds of suspected Reds and deported those of foreign nationality. The bombing also encouraged the nativist sentiments that developed in the U.S. during the 1920s, which led to tighter restrictions on immigration.
1929: The Stock Market Crash
The stock market crash of 1929 remains the worst financial crisis in U.S. history. In a pre-digital trading era, its epicenter was the NYSE.
The crash began on October 24 when, after nearly a decade of unparalleled, uninterrupted growth, the stock market opened lower than the previous session. Equities' prices continued to drop throughout the day and, as the news spread, crowds began to gather outside the Exchange.
They groaned as the market closed down again that day, cheered brokers during the next two days when the market seemed to rally, and then panicked on October 28 and October 29, when the declines resumed. Inside the stock exchange, the scene was sheer pandemonium as prices fell too fast for ticker tapes and blackboards to record them.
Ultimately, the DJIA was to fall 89% from its September 1929 peak, wiping out both corporate and individual wealth.
The crash ushered in the?Great Depression. A quarter of America’s working population lost their jobs as the U.S. economy went into a tailspin. Economies throughout Europe followed suit. In the end, the stock market crash and the ensuing decade-long depression?directly impacted nearly every segment of society and altered an entire generation's perspective of, and relationship to, the?financial markets.
1987: The Black Monday Crash
On what is known as Black Monday, Oct. 19, 1987, the S&P 500 Index and Dow Jones Industrial Average plunged more than 25% in value, leading exchanges around the world to drop in a similar frenzy. The week prior, indices had fallen an approximate 10%, priming the pump for the ensuing panic. Up until that time, a bull market had been in control since 1982.
Thanks to the actions of chairman Alan Greenspan and the Federal Reserve, a seeming disaster on a global scale was averted. But the crash brought to light the potential for disruption that the then-new technique of computer programs instigating large-scale amounts of trading might cause (even though enormous amounts of trading were handled by humans that day, as well).
The exact cause of this short-term crash has never been pinpointed. However, afterwards, exchanges implemented circuit breaker rules to prevent program trading from spurring runaway selling. It was hoped that this and other trading curbs would allow the markets time to stabilize and give regulators (and investors) the chance to take appropriate steps.
2007-2008: The Global Financial Crisis
The global financial crisis of 2007-2008 resulted from years of deregulation, easy credit, predatory mortgage lending, the collapse of the subprime mortgage market, and the unregulated use of derivatives. It led to the Great Recession. The root cause of the crisis was unethical and exploitative behavior by banks, investment banks, and insurance firms.
Borrowers with unsatisfactory credit were given mortgage loans without concern for their ability to pay them off and without their comprehension of the risks involved with the loans. As rates rose, those borrowers' mortgage rates reset higher and they couldn't afford to make monthly payments. What's more, as home prices fell dramatically, homeowners couldn't sell their houses for enough to cover their loans. This caused massive numbers of defaults.
Risky derivative securities had been created with the subprime mortgage loans sold by banks. In addition, banks and other large investors used customer deposits to invest in these derivatives. With the defaults on home loans, the derivatives plunged in value.
Many financial institutions had ties to the loans, derivatives, and credit default swaps, an insurance product that investors in the derivatives bought to protect against the risk of default. Thus, they found themselves in severe trouble after the housing market bubble burst.
From housing industry crash to a U.S. financial industry on the brink of collapse to the near ruin of other financial systems across the globe. It was the worst financial crisis since the stock market crash of 1929.
The U.S. government had no choice but to bail out financial institutions that had always been considered “too big to fail.”
2011: Occupy Wall Street
Occupy Wall Street was a 2011 protest?movement?against social and economic inequality?that was centered in?Zuccotti Park, located in Manhattan's Financial District. It began on September 17, as hundreds of protesters camped out in the park. The police forcibly removed and arrested them two months later, on November 15. During the intervening period, there were marches and speeches, calling for more balanced income distribution, better-paying jobs, bank reform, and less corporate influence in politics.?"We are the 99%," was the Occupy protestors' slogan.
The Regulation of Wall Street
After the 1929 Crash
Regulatory measures were put into place to address the lack of government oversight that was considered to have led to the crisis that began in 1929. Among other things, the Securities Act of 1933 required financial institutions to provide investors with all significant information about securities being offered for sale. It also prohibited fraud in securities sales. The Securities Exchange Act of 1934 established the Securities and Exchange Commission (SEC) and gave it significant power over the securities industry. This included the authority to regulate brokerage firms and to require financial reporting by publicly traded companies.
After the 2007-2008 Financial Crisis
In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). It created new government agencies with financial system oversight. The idea behind the act was to address the risky behaviors of financial institutions and the dearth of regulatory oversight that led to the crisis. One area of grave concern was the predatory mortgage lending that had occurred. Another focus was the stability of financial institutions. The act made it possible to liquidate or restructure firms, if necessary, to prevent the use of taxpayer funds to keep them afloat.
The act's Volker Rule restricted the investing practices of banks and regulated derivative securities. It also set up the SEC Office of Credit Ratings to ensure that credit agencies henceforth issued appropriate ratings for institutions, rather than the fabricated favorable ratings that were part of the lead-up to the crisis.
During the Trump Administration
The Economic Growth, Regulatory Relief, and Consumer Protection Act signed in 2018 by President Trump addressed criticisms of Dodd-Frank and rolled back some of its provisions. Among other things, it exempted banks with assets of less than $10 billion from the Volker Rule requirements, gave consumers the ability to freeze their credit files at no cost, and eased capital requirements for banks that didn't offer lending or traditional banking services.
What Does Wall Street Speculation Mean?
Speculation refers to the act of investing in securities that have a high risk-reward profile with the goal of obtaining substantial gains, despite the risk of substantial losses. An investor who speculates is likely focused on price fluctuations. They may believe that the market has inaccurately priced a security and they're trying to capitalize on that disparity. Wall Street speculators tend to be professional traders as opposed to retail investors who buy and hold stocks or other assets for the long term.
What Time Does Wall Street Open and Close?
The major U.S. stock markets, including the NYSE and the Nasdaq, are normally open 9:30 a.m. to 4 p.m. Eastern time, Monday through Friday. However, there are also extended-hour sessions earlier and later.Pre-market trading typically occurs between 8:00 a.m. and?9:30 a.m., though it can begin as early as 4 a.m. EST.After-hours trading starts at 4 p.m. and can run as late as 8 p.m. EST.
What Is Black Wall Street?
Black Wall Street was a nickname given to the Greenwood District of Tulsa, Oklahoma, one of the largest and most prosperous African-American business communities in the U.S. in the early 20th century. From May to June, 1921, its 35 blocks were destroyed during the Tulsa Race Riot. It was quickly rebuilt, with over 80 businesses reopening by 1922. More generally, Black Wall Street can also refer to any area of?African-American?high economic or financial activity.
How Do You Get a Job on Wall Street?
Getting a job on Wall Street often starts in college. Majors like finance, business administration and management, economics,?accounting, and mathematics are natural fits?for the investment industry. Firms will consider degrees in other areas too, like marketing or engineering. Try to get an internship at a Wall Street firm or similar institution for at least one summer. A?Master of Business Administration (MBA) can also be attractive to financial institutions, as can tech industry experience. It's also important to target what type of Wall Street job you'd be best suited for. They break down into three main areas:Investment Team: research analysts,?portfolio managers, and?tradersOperations: client relationship, marketing, risk assessment, legal,?back-office?functionsSales: those involved in the creation, promotion, and sale of stocks, bonds, IPOs, foreign exchange, and other financial instruments
The Bottom Line
Wall Street is both an actual street and a symbol. It's home to a variety of financial and investment firms, along with institutions like the NYSE and the Federal Reserve Bank of New York. Globally, it's come to connote the U.S. financial and?investment communities and industries, plus its interests, attitudes, and behavior.
Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our
editorial policy.
History.com. "Wall Street Timeline."
CNBC. "This Single-Paged Document Started the New York Stock Exchange 225 Years Ago."
Library of Congress. "Wall Street and the Stock Exchanges: Historical Resources."
National Park Service. "New York Stock Exchange."
The Wall Street Journal. "130 Years of History as Seen in the Pages of The Wall Street Journal."
Terrorism on American Soil. "Propaganda by the Deed: The Wall Street Bombing of 1920."
Encyclopedia Britannica. "Wall Street Bombing of 1920."
History.com. "Stock Market Crash of 1929."
Franklin D. Roosevelt Presidential Library and Museum. "Great Depression Facts."
Encyclopedia Brittanica. "Black Wall Street."
Jstor Daily. "The Devastation of Black Wall Street."
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紐約景點(diǎn)攻略:華爾街(Wall Street) - 知乎切換模式寫文章登錄/注冊(cè)紐約景點(diǎn)攻略:華爾街(Wall Street)Adrianne旅游前往理由(Reasonto
go):
1. 華爾街是紐約證券交易所的第一個(gè)常駐地,至今仍是幾個(gè)主要交易所的總部,包括紐約證交所、納斯達(dá)克、美國證券交易所、紐約商業(yè)交易所和紐約期貨交易所。
2. 華爾街上有一頭青銅公牛塑像,被認(rèn)為是華爾街的標(biāo)志,也是游客們最喜歡留影的一個(gè)景點(diǎn)。
3. 眾多美國電影在華爾街取景或題材是有關(guān)華爾街的,如《華爾街》、《華爾街2:金錢永不眠》、《星艦奇航記》、《虎膽龍威》、《酷斯拉》、《入侵華爾街》以及《華爾街之狼》。景點(diǎn)介紹(Introduction):華爾街(英語:Wall
Street)是一條位于美國紐約市下曼哈頓的狹窄街道,西起三一教堂,向東一路延伸至東河旁的南街,是橫跨紐約曼哈頓的金融中心。位于紐約市曼哈頓區(qū)南部,從百老匯路延伸到東河,長(zhǎng)不超過1英里,寬僅11米。1792年荷蘭殖民者為抵御英軍侵犯在此建筑了一堵土墻,街道因而得名Wall
Street。后拆除了圍墻,但“華爾街”的名字卻保留了下來。今日,「華爾街」一詞已超越這條街道本身,成為附近區(qū)域的代稱,同時(shí)也可以借指對(duì)整個(gè)美國經(jīng)濟(jì)具有影響力的金融市場(chǎng)和金融機(jī)構(gòu)?,F(xiàn)時(shí)許多金融公司已經(jīng)把總部遷離華爾街,取而代之的是曼哈頓的中城,以及紐約市其他外圍地帶諸如長(zhǎng)島、威斯特徹斯特、費(fèi)爾菲爾德、紐澤西州等地。小貼士(Tips):1. 聯(lián)邦大廳
(Federal Hall)是美國首座國會(huì)大廈,也是喬治·華盛頓
(George
Washington) 宣誓就任首屆國家總統(tǒng)的地方。 免費(fèi)參觀。周一至周五9:00到17:00開放。感恩節(jié)和圣誕節(jié)關(guān)閉。2. 紐約證券交易所(New
York Stock Exchange),不向公眾開放。銅牛(Charging
Bull)雕塑,代表股市牛市,是美國資本主義最為重要的象征之一。
3. 紐約聯(lián)邦儲(chǔ)備銀行(Federal
Reserve Bank of New
York)下25米有一個(gè)用于儲(chǔ)藏黃金的地窖,規(guī)模世界第一。免費(fèi)開放給公眾參觀并配有講解人員,但人數(shù)有限,要提前幾個(gè)月預(yù)約,周一到周五開放,從11:15到16:00有6個(gè)時(shí)間段可選。不能拍照,要檢查證件。4. 三一教堂(Trinity
Church)
A 是圣公會(huì)紐約教區(qū)的一座古老的堂區(qū)教堂。被認(rèn)為是哥特復(fù)興式建筑的經(jīng)典實(shí)例。開放時(shí)間:周一到周五7:00-18:00,周六8:00-16:00,周日7:00
-16:00。相關(guān)費(fèi)用(Fee):
1. 旅游團(tuán)團(tuán)隊(duì):紐約市區(qū)一日游將游覽華爾街,成人$10。
2. 自由行散客:免費(fèi)位置交通(Transportation):1. 跟團(tuán)旅游巴士。
2. 公共交通:乘坐地鐵2、3、4、5號(hào)線至WallSt站下車。編輯于 2016-12-30 14:14華爾街紐約美國自由行?贊同 10??添加評(píng)論?分享?喜歡?收藏?申請(qǐng)
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Today's marketMarch 6, 2024 at 9:15 a.m. EDTMichael P. Reinking, CFASr. Market StrategistFutures were higher overnight as tech sentiment improved following strong earnings from CrowdStrike (+>10%) easing some of the enterprise spending concerns after the Palo Alto miss a couple of weeks ago. Equities have extended to the upside after the open as there were no real surprises in today’s economic data or Fed Chair Powell’s testimony before the House After filling yesterday’s gap markets have started to pull back modestly from the highs as some of the tech strength is fading. It will be interesting to see if we can hold the gains into the close. As we head to print, the S&P 500 is up 30pts to 5,108 (+0.6%), the Dow is up 93pts to 38,678 (+0.2%), while the Russell 2k is up 16pts to 2,069 (+0.8%). The NYSE FANG+ index is up ~0.6% but has been unable to reclaim its 20d ma after breaking below it yesterday for the first time since January. I’d also keep an eye on the VIX which is hovering just under 15.READ MOREWEEKLY RECAPQ4 Earnings PreviewIf you would like to learn more about NYSE proprietary market insights and related content, please visit:NYSE ResearchIndicesDescriptionLastChange (%)NYSEDescriptionLastChange (%)NYSE AmericanDescriptionLastChange (%)ETFsDescriptionLastChange (%)
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Quotes delayed 15 minutesIt happens @ the NYSEThe NYSE is capitalism at its best, the belief that the free and fair markets offer every individual the chance to benefit from success. We set the standard with our unparalleled trading platform, enabling entrepreneurs, innovators, and investors to raise the capital they need to change the world. We want to share our vision for good governance, transparency, and trust with our listed community, furthering the responsible development of global business. You work too hard to list anywhere else.Why list on the nyse?American Dreams happen here. In 2023, the NYSE was home to 2 of the 3 largest IPOs of the year, and a large number of transfers. We look forward to welcoming more leading companies from around the world in 2024, growing our one-of-a-kind community and setting the pace for innovation on a global scale.View NowBig personalities happen here.The NYSE hosts major events across key business topics in our iconic building, and beyond that, we convene a wide range of notable personalities, from superstar athletes to global leaders, from Broadway’s best to icons like Dwayne “the Rock” Johnson.Watch NowTechnology happens here.The NYSE was on the ground in Las Vegas to attend CES 2024. Take a look inside the most powerful tech event in the world. Watch NowAmerican Dreams happen here. In 2023, the NYSE was home to 2 of the 3 largest IPOs of the year, and a large number of transfers. We look forward to welcoming more leading companies from around the world in 2024, growing our one-of-a-kind community and setting the pace for innovation on a global scale.View NowBig personalities happen here.The NYSE hosts major events across key business topics in our iconic building, and beyond that, we convene a wide range of notable personalities, from superstar athletes to global leaders, from Broadway’s best to icons like Dwayne “the Rock” Johnson.Watch NowTechnology happens here.The NYSE was on the ground in Las Vegas to attend CES 2024. Take a look inside the most powerful tech event in the world. Watch NowWhat's next?The NYSE looks forward to welcoming more leading companies from around the world in 2024, growing our one-of-a-kind community and setting the pace for innovation on a global scale. We’re endlessly inspired by the people behind these companies, check out their stories below and let’s make something happen together.(ART)ificial IntelligenceThe NYSE sent a crew to Madrona’s IA Summit in Seattle, where we had a chance to meet the leaders of exciting companies in AI and ask them to share questions and prompts on a variety of thought-provoking topics. But this isn't just another Q&A series, we took those answers and transformed them into art – using AI, of course.Learn MoreThe Cure(ious) TMWe asked some of the most curious minds in life sciences and healthcare to share thoughts on their careers, the future of health and more. Each participant drew questions and shared their insights, knowledge and some personal fun facts that left us inspired about the future of health and wellness.Learn MoreThe Future in FiveAt this year’s Fortune Brainstorm Tech, we asked 20 leaders to take a seat, answer the same five questions and share their thoughts on how the future will — or should — unfold.Watch nowDJ White Shadow's Star is BornWhen fans tune into the Super Bowl this week, they come for the football, but stay for the ads. Those million-dollar spots are often much more intricate than a nickel defense and require the best in the business to help make them. An artist who regularly gets the call is Paul Blair, a.k.a DJ White Shadow. listen Now(ART)ificial IntelligenceThe NYSE sent a crew to Madrona’s IA Summit in Seattle, where we had a chance to meet the leaders of exciting companies in AI and ask them to share questions and prompts on a variety of thought-provoking topics. But this isn't just another Q&A series, we took those answers and transformed them into art – using AI, of course.Learn MoreThe Cure(ious) TMWe asked some of the most curious minds in life sciences and healthcare to share thoughts on their careers, the future of health and more. Each participant drew questions and shared their insights, knowledge and some personal fun facts that left us inspired about the future of health and wellness.Learn MoreThe Future in FiveAt this year’s Fortune Brainstorm Tech, we asked 20 leaders to take a seat, answer the same five questions and share their thoughts on how the future will — or should — unfold.Watch nowDJ White Shadow's Star is BornWhen fans tune into the Super Bowl this week, they come for the football, but stay for the ads. Those million-dollar spots are often much more intricate than a nickel defense and require the best in the business to help make them. 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Table of Contents
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Table of Contents
What Is Wall Street?
Understanding Wall Street
Effects on the World Market
Wall Street's Impact
Wall Street As a Global Bellwether
Economic Indicators
Company Results
Criticism
FAQs
The Bottom Line
Economics
Macroeconomics
Why Wall Street Is a Key Player in the World's Economy
By
Elvis Picardo
Full Bio
Elvis Picardo is a regular contributor to Investopedia and has 25+ years of experience as a portfolio manager with diverse capital markets experience.
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editorial policies
Updated September 17, 2023
Reviewed by
Somer Anderson
Reviewed by
Somer Anderson
Full Bio
?Somer G. Anderson is CPA, doctor of accounting, and an accounting and finance professor who has been working in the accounting and finance industries for more than 20 years. Her expertise covers a wide range of accounting, corporate finance, taxes, lending, and personal finance areas.
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What Is Wall Street?
The most important financial center in the world??A fabled place of silver spoons and golden parachutes??A hub of cut-throat capitalism? Or all of the above? Wall Street is many things to many people, and the perception of what it really is depends on who you ask. Although people’s views of Wall Street may differ widely, what is beyond dispute is its enduring impact not just on the American economy, but on the global one.
Key Takeaways
"Wall Street" is a metonym for the financial district in lower Manhattan in New York City.Originally referring only to a handful of brokerage firms, the term is now used to refer to the entire investment and financial industry.As the trading hub for the world's largest economy, Wall Street has an oversized impact on the rest of the world's financial system.Because securities markets are sensitive to changes in economic climate, Wall Street acts as a bellwether for the economy as a whole.However, Wall Street has attracted criticism as a symbol of the worst elements of capitalism.
Understanding Wall Street
Wall Street physically takes up only a few blocks that amount to less than a mile in the borough of Manhattan in New York City; however, its clout extends worldwide. The term “Wall Street” was initially used to refer to the select group of large independent brokerage firms that dominated the U.S. investment industry.
But with the lines between investment banks and commercial banks having been blurred since 2008, Wall Street in current financial parlance is the collective term for the numerous parties involved in the U.S. investment and financial industry. This includes the biggest investment banks, commercial banks, hedge funds, mutual funds, asset management firms, insurance companies, broker-dealers, currency and commodity traders, financial institutions, and so on.
Although many of these entities may have their headquarters in other cities, such as Chicago, Boston, and San Francisco, the media still refers to the U.S. investment and financial industry as Wall Street or simply “The Street.” Interestingly, the popularity of the term “Wall Street” as a proxy for the U.S. investment industry has led to similar “Streets” in certain cities where the investment industry is clustered being used to refer to that nation’s financial sector, such as Bay Street in Canada and Dalal Street in India.
$24.97 Trillion
The total market capitalization of the world's largest stock exchange, the New York Stock Exchange on Wall Street.
Effects of Wall Street on the World Market
The U.S. is the world’s biggest economy, with a 2022 gross domestic product (GDP) of nearly $27 trillion. In terms of market capitalization relative to the size of the economy, the U.S. is the world’s biggest by some distance, with a 155.6% ratio of market capitalization relative to GDP (as of year-end 2022. Canada is second at 143.8% and India's market is a distant third, with just over 111% of market cap compared to its economic output.
Wall Street has such a significant impact on the global economy because it is the trading hub of the biggest financial markets in the world’s richest nation. Wall Street is home to the venerable New York Stock Exchange, which is the undisputed leader worldwide in terms of average daily share trading volume and total market capitalization of its listed companies.?The Nasdaq Stock Exchange, the second-largest exchange globally, also has its headquarters on Wall Street.
How Does Wall Street Have Such an Impact?
Wall Street affects the U.S. economy in a number of ways, the most important of which are as follows:
Wealth Effect: Buoyant stock markets induce a “wealth effect” in consumers, although some prominent economists assert that this is more pronounced during a real estate boom than it is during an equity bull market. But it does seem logical that consumers may be more inclined to splurge on big-ticket items when stock markets are hot and their portfolios have racked up sizable gains.
Consumer Confidence: Bull markets generally exist when economic conditions are conducive to growth and consumers and businesses are confident about the outlook for the future. When their confidence is riding high, consumers tend to spend more, which boosts the U.S. economy since consumer spending accounts for nearly 70% of it.
Business Investment:?During bull markets, companies can sell stock to raise capital, which can then be deployed to acquire assets or competitors. Increased business investment leads to higher economic output and generates more employment.
Wall Street As a Global Bellwether
The stock market and the economy have a symbiotic relationship, and during good times, one drives the other in a positive feedback loop. But during uncertain times, the interdependence of the stock market and the broad economy can have a severely negative effect. A substantial downturn in the stock market is regarded as a harbinger of a recession, but this is by no means an infallible indicator.
For example, the Wall Street crash of 1929 led to the Great Depression of the 1930s, but the crash of 1987 did not trigger a recession. This inconsistency led Nobel laureate, Paul Samuelson, to famously remark that the stock market had predicted nine of the last five recessions.
Wall Street drives the U.S. equity market, which in turn is a bellwether for the global economy. The 2000-02 and 2008-09 global recessions both had their genesis in the U.S., with the bursting of the?technology bubble and housing collapse, respectively. But Wall Street can also be the catalyst for global expansion, as is evident from two examples in the current millennium. The 2003-07 global economic expansion commenced with a huge rally on Wall Street in March 2003. Six years later, amid the biggest recession since the 1930s depression, the climb back from the economic abyss started with a massive Wall Street rally in March 2009.
Why Wall Street Reacts to Economic Indicators
Prices of stocks and other financial assets are based on current information, which is used to make certain assumptions about the future that in turn form the basis for estimating an asset’s fair value. When an economic indicator is released, it would usually have little impact on Wall Street if it comes in as per expectations (or what’s called the “consensus forecast” or “analysts’ average estimate”).
But if it comes in much better than expected, it could have a positive impact on Wall Street; conversely, if it is worse than expected, it would have a negative impact on Wall Street. This positive or negative impact can be measured by changes in equity indices like the Dow Jones Industrial Average or S&P 500 index, for instance.
For example, let’s say the U.S. economy is coasting along and payroll numbers that are to be released on the first Friday of next month are expected to show that the economy created 250,000 jobs. But when the payroll report is released, it shows that the economy only created 100,000 jobs. Although one data point does not make a trend, the weak payroll numbers may lead some economists and market-watchers on Wall Street to rethink their assumptions about U.S. economic growth going forward. Some Street firms may lower their forecasts for U.S. growth and strategists at these firms may also reduce their targets for the S&P 500. Large institutional investors who are clients of these Street firms may choose to exit some long positions upon receiving their lowered forecasts. This cascade of selling on Wall Street may result in equity indices closing significantly lower on the day.
Why Wall Street Reacts to Company Results
Most medium to large-sized companies are covered by several research analysts who are employed by Wall Street firms. These analysts have in-depth knowledge of the companies they cover and are sought after by institutional “buy-side” investors (pension funds, mutual funds, etc.) for their analysis and insights. Part of analysts’ research efforts are devoted to developing financial models of the companies they cover and using these models to generate quarterly (and annual) revenue and earnings per share forecasts for each company. The average of analysts’ quarterly revenue and earnings per share (EPS) forecasts for a specific company is called the “Street estimate” or “Street expectations.”
Thus, when a company reports its quarterly results, if its reported revenue and EPS numbers match the Street estimate, the company is said to have met Street estimates or expectations. But if the company exceeds or misses Street expectations, the reaction in its stock price can be substantial. A company that exceeds Street expectations will generally see its stock price rise, and one that disappoints may see its stock price plunge.
Wall Street Criticisms
Some criticisms of Wall Street include:
It is a rigged market: Although Wall Street operates fairly and on a level playing field most of the time, the convictions of Galleon Group co-founder, Raj Rajaratnam, and several SAC Capital Advisors on insider trading charges,?reinforce the perception held in some areas that the market is rigged.
It encourages skewed risk-taking: The Wall Street model of business encourages skewed risk-taking since traders can make windfall profits if their leveraged bets are right, but do not have to bear the huge losses that would result if they are wrong. Excessive risk-taking is believed to have contributed to the meltdown in mortgage-backed securities in 2008-09.
Wall Street?derivatives are WMDs: Warren Buffett warned in 2002 that the derivatives developed by Wall Street were financial weapons of mass destruction, and this proved to be the case during the U.S. housing collapse when mortgage-backed securities went into free-fall.
Wall Street can bring the economy to its knees: As discussed earlier, and as seen in the Great Recession of 2008-09.
Too Big to Fail rescues need taxpayer funds: Giant Wall Street banks and firms that are deemed “Too Big to Fail” would need taxpayer funds if they are in need of a rescue.
Disconnect from Main Street: Many see Wall Street as a place where unnecessary middlemen abound, who are very well paid despite not generating value for the real economy like Main Street does.
Wall Street arouses envy in some and anger in many: Million-dollar payouts that are quite common on Wall Street arouse envy in some and anger in others, especially in the aftermath of the 2008-09 recession. For example, “Occupy Wall Street” claimed in its manifesto?that it “is fighting back against the corrosive power of major banks and multinational corporations over the democratic process, and the role of Wall Street in creating an economic collapse that has caused the greatest recession in generations.”
What Does Wall Street Do?
"Wall Street" is a figure of speech representing the largest investment houses, banks, and brokerages in the United States, many of them headquartered in the financial district of lower Manhattan. Many of these firms make money by identifying and investing in companies that are likely to see an increase in valuation. Others make money by selling research information, or investing money on behalf of their clients in exchange for a commission of sales.
Where Does Wall Street Get Its Name?
The name "Wall Street" comes from the wall erected by Dutch settlers to protect their colony from British and other invaders. As New York City grew, the wall was replaced by a street that eventually became the address of the New York Stock Exchange.
How Does Wall Street Affect Ordinary Americans?
Most Americans keep their retirement savings in a 401(k) or other tax-advantaged retirement account, where these savings are invested in the stocks and bonds issued by different companies. If the stock market suffers, retirement savings will also shrink as the value of those stocks goes down. In addition, the value of a company's stocks will determine whether that company can invest in new facilities or hire new employees.
The Bottom Line
Wall Street consists of the largest stock exchanges, the largest financial firms, and employs thousands of people. As the trading hub of the world’s biggest economy, Wall Street has an enduring impact not just on the American economy, but also on the global one.
Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our
editorial policy.
Statista. "Largest Stock Exchange Operators Worldwide as of July 2023."
International Monetary Fund. "GDP, Current Prices."
Siblis Research. "Global Market Cap to GNI/GDP Ratios by Country."
BBVA. "The Largest Stock Markets in the World."
Federal Reserve Bank of St. Louis. "Shares of Gross Domestic Product: Personal Consumption Expenditures."
International Monetary Fund. "World Economic Outlook: Slowing Growth, Rising Risks," Page 51.
The Brookings Institution. "The Origins of the Financial Crisis," Page 7.
Berkshire Hathaway. "2002 Annual Report," Page 21.
National Bureau of Economic Research. "The Global Impact of America’s Housing Crisis," Pages 1-2.
Occupy Wall Street. "About."
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