The 800-metre-long street is known as the financial capital of the world
Financial firms, the largest stock exchanges and all things related to money – Wall Street plays a key role in shaping the world’s economy. Known as the financial capital of the world, the name rings a bell because it has often been featured in movies across languages and countries.
Have you ever wondered why the street is called Wall Street? Why the word ‘Wall’, which has no relation to money, market, or finances?
Situated in Manhattan, New York, the street is 800 metres or seven blocks long, running from Broadway to the East River.
In 1653, when New York was still a Dutch colony, Governor Peter Stuyvesant ordered the construction of a 10-foot wall to protect the lower part of the peninsula from Native Americans. An English invasion was also expected, and the wall was also built to repel that invasion.
In later years, the street became a place where buyers and traders met to conduct business. By 1792, rules were formed to legitimise businesses.
1792 was also the year when the New York Stock Exchange (NYSE) was officially formed on May 17 after 24 stockbrokers signed the Buttonwood Agreement.
Today, nearly 200,000 employees work at Wall Street, which is around nine percent of the city’s workforce.
