Wall Street

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Wall Street Sign (1-9)

Stad Amsterdam in Nieuw Nederland (City Amsterdam in New Netherland) Castello Plan 1660

Block-House and City Gate (foot of present Wall Street) 1674 New Amsterdam

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Wall Street IRT 008c

New York slave market about 1730

New York City Hall 1789b

Wall Street is a street located in the Financial District of Lower Manhattan, New York City, and has become a metonym for the financial markets of the United States as a whole, the financial sector (and financial interests) of the United States, or the American financial services industry, even if financial firms are not physically located there. The term "Wall Street" is often used interchangeably with the phrase "Corporate America". It is home to the New York Stock Exchange (NYSE), which is the world's largest stock exchange by market capitalization of its listed companies. The street also houses the headquarters of several major financial institutions including Goldman Sachs, Morgan Stanley, and JPMorgan Chase.

History

The name of the street derives from the wall that was built by the Dutch to protect New Amsterdam from English invaders in the 17th century. Over time, Wall Street became the center of the financial industry in the United States, with the establishment of the NYSE, as well as the American Stock Exchange, the New York Mercantile Exchange, and the New York Board of Trade.

In the late 19th and early 20th centuries, Wall Street became the symbol of a booming economy as the United States became the world's leading industrial power. The Wall Street area was also the location of the infamous 1929 Stock Market Crash, which led to the Great Depression.

Financial Services

Wall Street's financial services industry includes stock exchanges, large banks, brokerages, securities, and underwriting firms. The industry is heavily regulated by bodies such as the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) to protect investors and maintain fair, orderly, and efficient markets.

Impact on the Economy

Wall Street has a significant impact on the United States and global economy. Decisions made in its institutions can affect job creation, investment rates, and the economic policies of governments. The 2008 financial crisis, which originated in the subprime mortgage market, led to significant losses for Wall Street firms and prompted widespread economic downturns and the implementation of major regulatory reforms aimed at preventing future crises.

Culture

Wall Street is often portrayed in popular culture as a symbol of wealth, power, and ambition. Movies such as Wall Street and its sequel Wall Street: Money Never Sleeps depict the high stakes and moral dilemmas faced by those in the financial industry.

Criticism and Controversy

Wall Street has been criticized for practices that critics say prioritize profits over ethical considerations. The 2008 financial crisis led to increased scrutiny and criticism of the financial sector's practices and the perceived lack of accountability for those who contributed to the economic downturn.

See Also

• Financial District, Manhattan
• Stock market
• Economic history of the United States
• Financial crisis of 2007–2008