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Quote of the Day
The four most expensive words in the English language are “this time it’s different.”
-Sir John Templeton, who on this day in 1987 would launch the first emerging markets fund.
February 26th – This Day in Stock Market History
February 26th, 1987 – The Franklin Templeton Emerging Markets Fund, the first portfolio of emerging markets stocks available for retail investors, is launched. The fund was managed by Mark Mobius, who would stay with Templeton until retiring in January 2018.
Over the next 20 years the fund would gather more than $330 million in assets, and would achieve an average annual return of 11.77%.
February 26th, 1993 – At 12:17pm, a large bomb goes off in the parking center of the World Trade Center in New York. The explosion would kill 6 inside the World Trade Center, and injure over 1,000.
The general stock market reaction was muted. The Dow Jones Industrial Average would close up slightly, rising 5.67 points, or 0.17%, but would be down as much as 1% during the day. However commodity trading would be forced to shut down for the day, and reopen on March 1st for a limited trading session.
Best February 26th in Dow Jones Industrial Average History
1897 – Up 2.69%, 0.79 points.
Worst February 26th in Dow Jones Industrial Average History
1976 – Down 1.58%, 15.74 points.
Read of the Day
Emerging Markets Through the Years – By Mark Mobius, president of the first Emerging Markets Fund.