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Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
What Happened? On this day in 1931, the New York Stock Exchange began regularly reporting short selling data for the first time.
Where The Market Was: The Dow finished the day at 132.87. The S&P 500 traded at around 13.80.
What Else Was Going On In The World? In 1931, the Empire State Building opened its doors in New York, and unemployment in the U.S. doubled to 16.3% as the Great Depression set in. A loaf of bread cost 8 cents.
Short Sellers Come Out Of The Shadows: The Dow dropped 32.6% in 1930 as the American economy took a nosedive, but short sellers in the stock market made a killing. Short sellers took a lot of heat for the stock market crash of 1929, which led to the enactment of the uptick rule shortly thereafter.