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Quote of the Day

 

“Uncommon valor was a common virtue.”

-U.S. Navy Admiral Chester Nimitz. This quote is engraved at the base of the Marine Corps War Memorial in Arlington National Cemetery. The memorial depicts one of the most famous moments in World War 2, the raising of the U.S. flag on the island of Iwo Jima, which occurred on this day in 1945.

 

 

February 23rd – This Day in Stock Market History

February 23rd, 1945 – U.S. Flag raised over Iwo Jima.

WW2_Iwo_Jima_flag_raisingThe iconic photo, taken by Joe Rosenthal, would be printed in papers across the country beginning on February 25th and win the Pultzer Prize in photography in 1945.

The U.S. was making ground on the Pacific front, and Wall Street was beginning to sense that victory was getting closer. 1947 would see the market break out of a long period where fears about the war held the market down. The picture would also help rally American’s to buy war bonds to help support the war effort. The next bond offering would raise $26.3 billion (more than $330 billion in today’s dollars!).

Chart from Macrotrends
Chart from Macrotrends

 

February 23rd, 1965 – Michael Dell is born. He would found Dell Computer Corporation in 1984. Today Dell is one of the largest technology infrastructure companies, and Michael Dell is one of the richest people in the world, worth an estimated $23.5 billion today.

 

February 23rd, 1995 – The Dow Jones Industrial Average closes above 4,000 for the first time, finishing the day at 4003.33. The Wall Street Journal declares the next day: “Stocks Cross 4000 for the First Time, But the Visit There May Be Brief,” and warns that a correction is now “inevitable”. The article was technically right; the Dow would drop below 4,000 2 days later, remain barely below 4,000 for a week, then shoot higher, never to revisit 4,000 again.

dow_1990s

 

Source: The Market’s Measure: An Illustrated History of America Told Through the Dow Jones Industrial Average



Best February 23rd in Dow Jones Industrial Average History

1938 – Up 2.26%, 2.92 points.

 

Worst February 23rd in Dow Jones Industrial Average History

1932 – Down 3.98%, 3.33 points.

 

 

<– Go To Previous Day: February 22nd: 1967 – Berkshire Hathaway purchases National Indemnity, entering Buffett into the insurance industry.

Go To Next Day: February 24th: 1995 – Barring’s Bank receives a fax from rogue trader Nick Leeson, who is on the run –>