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Quote of the Day
“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.”
-William Arthur Ward
April 15th – This Day in Stock Market History
April 15th, 1865 – President Lincoln dies at 7:22 am, after being shot the night before.
The New York Stock Exchange would close on the news, and remain closed until April 21st.
At the time it would be the longest closure in the NYSE’s history, and would remain so until the Panic of 1873 struck on September 18th, 1873 when the exchange would close for 10 days.
On April 22nd, 1865 the New York Times would report:
“So long an interruption has never, we believe, been known to the Exchange, and the fact is referred to as an additional evidence of the profound sensation and heartfelt sympathy which the event of Friday night caused…The New York Stock Exchange has especially signified its deep sense of the overwhelming and absorbing nature of the event.”
April 15th, 1912 – After striking an iceberg around 10:30 pm the night before, at 2:20am the Titanic sinks.
Early reports of the event proved to be false. Read this article as it first appeared the next day in the Wall Street Journal!:
News of the Titanic sinking sent shares of International Mercantile Marine Co., the owner of the Titanic, down as much as 11% on the day. Preferred shares fell more than 13%. The decline would take $2.6 million off of market cap of the company.
The Titanic cost $7.5 million at the time to build, roughly $185 million in today’s dollars.
Best April 15th in Dow Jones Industrial Average History
1939 – Up 2.70%, 3.41 points.
Worst April 15th in Dow Jones Industrial Average History
1931 – Down 2.24%, 3.77 points.
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