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Quote of the Day

“Now therefore. I, Franklin D. Roosevelt, President of the United States of America, in view of such national emergency and by virtue of the authority vested in me by said act and in order to prevent the export, hoarding or earmarking of gold and silver coin or bullion or currency, do hereby proclaim, order, direct and declare that from Monday, the sixth day of march to Thursday, the ninth day of march, nineteen hundred and thirty-three, both dates inclusive, there shall be maintained and observed by all banking institutions and all branches thereof located in the united States of America, a bank holiday.”

-President Roosevelt, ordering that all banks across the country closed, this day in 1933.

March 6th – This Day in Stock Market History

March 6th, 1933 – President Roosevelt issues proclamation 2039, ordering all banks across the country to close.

The order, initially intended to last just 4 days, would instead last 9 as the worst of the great depression nearly brings down the U.S. banking system.

Source: It was a Very Good Year

March 6th, 1995 –  Baring Brothers and Company, a bank which was founded in 1763, is sold to ING for 1 pound after trader Nick Leeson racks up $1.4 billion in trading losses.

Leeson had tried to hide losses, but the problem became too large to cover up. instead, he fled and was later arrested and served 6 and a half years in prison.

While ING technically purchased the name of Baring Brothers for cheap, it would inject nearly $1 billion into the bank to shore up its balance sheet.

Also see our ‘This Day in History’ for February 24th and January 17th for more on the Barings Bank and Nick Leeson downfall.

March 6th, 2009 – The Dow Jones Industrial Average bottoms out during the great financial crisis at 6,469.

In total, the Dow fell 50.4%, from 13,058 to 6,469 during the great financial crisis. The Dow would regain the 13,000 mark February 21st, 2012.

Best March 6th in Dow Jones Industrial Average History:

 1902 – Up 1.83% or 0.87 points.

Worst March 6th in Dow Jones Industrial Average History:

1931 – Down 2.69% or 4.96 points.