tailieunhanh - A Brief History of Stock Market_1

Một thị trường cổ phiếu ở Hoa Kỳ đã tồn tại ở dạng này hay dạng khác trong hơn 200 năm. Có nguồn gốc với một số ít các nhà môi giới gặp gỡ bên ngoài trên đường phố New York, thị trường chứng khoán đã phát triển trở thành một trong những tổ chức tài chính quan trọng nhất trong nền kinh tế ngày nay. | Two A Brief History of the . Stock Market A market for stocks in the United States has existed in one form or another for more than 200 years. Originating with a handful of brokers meeting outside on a New York street the stock market has grown to become one of the most important financial institutions in today s economy. Today there are three major stock exchanges with thousands of firms listed. Along with stocks there also is a bewildering array of financial products to meet specific investment needs. Indeed the growth in the stock market and in other financial markets is part of the story about the growth of the . economy. To fit the vast story of the stock market into one chapter we focus on the New York Stock Exchange NYSE . This admittedly ignores the development of other exchanges such as the American Stock Exchange AMEX and the newer electronic markets such as the National Association of Securities Dealers Automated Quotation NASDAQ . But the NYSE usually is the market meant when speaking of the stock market in the United States. Thus referring to the stock market hereafter means the NYSE unless stated differently. In addition to facilitate the discussion movements of the Dow Jones Industrial Average DJIA the most widely followed stock price index will be used almost exclusively. This treatment omits many of the details that define the development of the stock market. Instead the focus is on key events that impacted its progress. And when it comes to the stock market such events are associated most often with historic bull and bear markets the booms and the busts. Taking this approach captures the broad developments of the stock market in terms of its institutions and trading activity. It also illustrates those events that led to governmental reactions that largely shape current regulation of the stock market. Chapter Six provides more details regarding regulation of the stock market. 10 The Stock Market HOW IT ALL STARTED FROM 1792 TO 1900 The .