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Each day, Benzinga takes a look back at a notable market-related moment that happened on this date.
What Happened: On this day in 1993, the first exchange-traded fund, the
SPDR S&P 500 ETF Trust (NYSE: SPY), launched on the American Stock Exchange.
Where Was The Market: The S&P 500 closed at 436.11, while the Dow Jones Industrial Average closed at 3,256.80.
What Else Was Going On In The World: Whitney Houston’s “I Will Always Love You” topped charts for its ninth consecutive week, while
Walt Disney Co (NYSE: DIS)’s Aladdin began its fourth week as box office leader.
The ETF Is Born: After launching around $45 per share, more than 1 million shares of State Street’s Standard & Poor’s Depository Receipt traded on the fund’s first day. The SPY went on to become the highest volume ETF in history and the first of more than 1,400 ETFs traded on U.S. stock exchanges.
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