August 16th, 1945 – Stock markets closed for a second day to celebrate the end of WW2. Stocks would resume trading the next day with muted returns, the Dow would fall 0.25% on the day.
August 16th, 1971 – Nixon’s announced freeze on wages, prices, and rents goes into effect. In response, a record volume on Wall Street was 31.7 million shares traded. The stock market soars as the Dow Jones Industrial Average rises 3.85% or 32.93 points.
1970 saw inflation of nearly 7%, and 1971 saw inflation of nearly 6%. As Nixon worried that the economy was overheating he began implementing price controls throughout the economy. In a nationally televised address, President Nixon announced a 90-day freeze of “all prices and wages in the U.S.”
However, the freeze would not work. By 1975 inflation is running at over 11% and after a slight drop in the late 70s hits 13% and 12% in 1980 and 1981.
August 16th, 1987 – Bill Gates sends out a message to all Microsoft employees congratulating them on their work. Gates had just received data showing Microsoft had passed Lotus software in sales and profits for the year.
Lotus had outsold Microsoft since 1985, after this day – Microsoft would never look back.
Best August 16th in Dow Jones Industrial Average History
1971 – Up 3.85%, 32.93 points.
Worst August 16 in Dow Jones Industrial Average History
1990 – Down 2.43%, 66.83 points.
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