Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
On this day 118 years ago, U.S. President William McKinley was shot.
Where The Market Was
The Dow Jones Industrial Average traded at around 67 and the S&P 500 traded at around 8.
What Else Was Going On In The World?
In 1901, Connecticut institutes the first American speed limit laws, restricting automobile speeds to 10 mph in cities, 14 mph in villages and 20 mph in rural areas. The first ever Nobel Prizes were awarded in Stockholm, Sweden in the fields of physics, chemistry, medicine, literature and peace. Seven pounds of fresh beef cost about $1.
McKinley was shot twice in the abdomen at 4:07 p.m. on Sept. 6, 1901 while shaking hands with the public at an event in Buffalo, New York. The shooter was anarchist Leon Czolgosz, who lost his job during the Panic of 1893.
Understandably, the markets were rattled on news of McKinley’s shooting. U.S. stocks dropped 4.4% the following day and continued downward by about 10% over the following two weeks.
After some initial hopefulness that McKinley would recover, he finally died Sept. 14 after his wounds turned gangrenous. McKinley was succeeded by Vice president Theodore Roosevelt. The Dow would finish 1901 down 8.7% on the year and would continue to decline another 0.4% in 1902 and 23.6% in 1903.
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