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Quote of the Day

“It’s a recession when your neighbor loses his job; it’s a depression when you lose your own.”

― Harry S. Truman

July 24th – This Day in Stock Market History

July 24th, 1952 – The 53 day strike by U.S. steel workers comes to an end as both sides agree on pay increases and set prices for steel.

Source: New York Times Coverage of 1952 Steel Strike

The strike was scheduled to begin April 9th, 1952, but President Truman announced the the Government would nationalize all U.S. steel mills. That delayed the strike temporarily. However, the steel companies would take President Truman to the Supreme Court, who ruled on June 2nd, 1952 that President Truman was not constitutionally able to nationalize the steel industry. Once that ruling came through, workers planned to strike again.

The strike was responsible for increased volatility in the U.S. steel industry stocks specifically. Shares of most large steel producers fell 10-15% as the strike loomed. Most steel stocks where near their lows at the end of July as the strike continued. Once settled, steel stocks would return to their highs by the end of the year.

The steel workers’ strike was set to take place during the Korean war, which would have been potentially very bad for the United States. President Truman’s handling of the steel worker strike, including his actions of attempting to nationalize all U.S. steel companies, was harshly criticized by many.

July 24th, 1974 – The U.S. Supreme court rules that President Nixon must turn over Watergate tapes.

The mounting evidence against Nixon would lead to his resignation 2 weeks later, on August 8th.

U.S. stock markets would fall as much as 40 percent while the Nixon investigation and impeachment unfolded. We have a more detailed post on the impact of Watergate on the stock market here.

Best July 24th in Dow Jones Industrial Average History

1933 – Up 6.63%, 5.86 points.

Worst July 24th in Dow Jones Industrial Average History

1931 – Down 2.54%, 3.62 points.

<– Go To Previous Day: July 23rd: 1903 – Ford sells its first car (An $850 Model A)

Go To Next Day: July 25th: 2016 – Verizon buys Yahoo for $4.8 billion, finally putting the once tech-bubble darling out of its misery. –>