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Quote of the Day
“War had threatened the world for the first 6 months of 1914, yet the Dow, at the end of June stood slightly higher than at the year’s end. The June collapse of the old-line dry goods house, H. B. Claflin, had more immediate impact on the market than the assassination in Sarajevo on June 28th of Archduke Ferdinand, Crown Price of Austria.”
Source: 101 Years on Wall Street
June 28th – This Day in Stock Market History
June 28th, 1914 – Archduke Franz Ferdinand is assassinated at 10:45am in Sarajevo. It was a Sunday, the stock market was not open for trading, but trading would resume Monday.
The market had a very quiet day Monday, with the Dow Jones Industrial Average falling just 0.11 points to close at exactly 80.00. However, the mellow reaction would not last.
Just one month later, stock markets around the world would begin to close. The New York stock Exchange would close one month later, on July 31st 1914, and remain closed until December 15th, 1914 as fears of an escalating world wide war erupt.
Source: Wall Street and the Stock Markets: A Chronology
Best June 28th in Dow Jones Industrial Average History
1962 – Up 3.79%, 20.37 points.
Worst June 28th in Dow Jones Industrial Average History
1939 – Down 1.91%, 2.59 points.
Read of the Day
- World War 1 would obviously have profound impacts on the world. New York City would replace London as the world’s financial hub, Government borrowings (and investing by the general public) would increase exponentially, and a strong anti-German sentiment would exist in America – forcing many families to change their names for fear of discrimination. One such family was the Grossbaum family, which changed their name to Graham following the war. One member of the family had his name changed from Benjamin Grossbaum to Benjamin Graham – who would grow up to become the world’s most famous value investor. You can read more about his life and investing style in Graham’s biography – titled: The Einstein of Money