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Highlights:
- Wall Street is a six-block-long street in New York.
- Historians still debate over the origin of the name.
- Many think that the name came from a wooden wall, while many argued its origin to be from the Walloons.
Wall Street is a six-block-long street in New York. It is one of the most famous names globally that almost everyone has heard of, as what happens in these few blocks in New York City can impact numerous lives globally.
The investors lose or make millions of dollars every day, and the process continues. On the other hand, it is a dream for many startup companies to go public with an initial public offering (IPO), while many aspire to trade in the offices on Wall Street.
Almost all the financial markets globally keep a close watch on the street's daily performance and partly depend on it. So, where does it all start? Let's explore.
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The origin of the name "Wall Street"
Wall Street is located at the southern tip of Manhattan. Various investors consider the name a synonym for the financial market or companies.
Even though today the financial industry companies are located throughout the globe, and the trading of stocks primarily happens online, the name Wall Street still refers to business.
Wall Street and its neighbourhood, also known as the financial district, remain an important location for financial companies. However, globalization and digitalization have led many brokers, advisors, and investment firms to establish in different parts.
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Historians still debate over the origin of the name.
Many believe that Wall Street had its name from a wooden wall in Dutch-owned Manhattan in the 16th century. The Dutch erected the wall to defend themselves from the British and Native Americans.
They built a wooden wall between nine to twelve feet high and around 2,300 ft. long around them, and it ran around the approx area that we call today the "Wall Street".
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Even though the wall was taken down in 1699, the legacy of the "Wall" remains. In the 1700s, it became a crowded trade centre, given its proximity to New York ports.
However, in 1792, it was incepted as a financial centre when 24 brokers and merchants in the US signed the Buttonwood Agreement.
Meanwhile, some historians believe that the name came from the French-speaking Dutch called Walloons, the early settlers of Manhattan. They were called Waal, and due to their settlement in the location, it became named "Wall Straat".
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Bottom line:
Wall Street symbolizes the US investment industry and also, partly, the US financial system. The largest stock exchange, New York Stock Exchange (NYSE), is based on Wall Street.
In addition to that, the Federal Reserve Bank of New York, which is considered one of the most critical regional financial bodies of the Federal Reserve, is also based there.
The NASDAQ exchange, New York Mercantile Exchange, Wall Street Journal, and various other banks also operate nearby, despite having no actual Wall Street address.
Even today, while analyzing earnings for some companies, the analysts use the term "according to Wall Street expectations/estimates", even if the financial company is not based in there.
