July 8: Wall Street Journal Published
On 8 July 1889, the Wall Street Journal was published for the first time. The first product was brief bulletins of stock information given to traders on the exchange floor. Later Charles Dow, Edward Jones, and Charles Bergstresser converted those notes into summaries and named it the The Wall Street Journal.
The Wall Street Journal is the largest newspaper in circulation for the United States. The journal primarily covers the American economy and the international business transactions, as well as financial news. The journal got its name from Wall Street, which is located in New York City’s financial district and home of the New York stock exchange.
Seven years later, in 1896, the Dow Jones Industrial Average was created. This would create a new and easier way to track the success of the stock exchange on a day to day basis. The Dow Jones is comprised of the top 30 Major American corporations. The average of these companies are price weighted and the result is the Dow Jones Industrial Average.
In 1996, the online version of the Wall Street Journal was launched. With the rise of the Internet and growth of digital literacy, the journal would now reach even more people than before. In 2007, the journal was the largest paid subscription on the web with nearly one million paid subscribers. Since then, the popularity of the online subscription has fallen as a result of increased subscription cost.
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In May 2007, News Corp made an offer to the Bancroft family who were the majority share owners. The offer was initially rejected but later accepted. As a result of this deal, it is reported that the Wall Street Journal has featured articles expressing political bias and business biases which breaks promises made by Rupert Murdoch when he purchased the Wall Street Journal that he would allow the opinion section to preserve its independence.
–Andrew Page
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