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Sea bass

Sea bass is a common name for a variety of different species of marine fish. Many fish species of various families have been called sea bass.

In Ireland and the United Kingdom, the fish sold and consumed as sea bass is exclusively the European bass, Dicentrarchus labrax. Sometimes referred to as sea bass include the following:

Family Serranidae
Family Serranidae
 * Genus Paralabrax
 * Barred sand bass (Paralabrax nebulifer) lives mainly off the coast of California.
 * Genus Centropristis
 * Black sea bass (Centropristis striata) is found on the East Coast of the United States.
 * Genus Caesioperca
 * Butterfly perch (Caesioperca Lepidoptera) is found in the eastern Indian Ocean and the southwest Pacific Ocean, including southern Australia and New Zealand.
 * Genus Caprodon
 * Pink maomao (Caprodon longimanus) is found in the eastern Indian Ocean and the southern Pacific Ocean, including Australia and New Zealand.
 * Genus Epinephelus
 * Potato cod (Epinephelus tukula), also known as the potato bass or potato grouper, is a large reef fish found in the Indian and Pacific Oceans.
 * Dusky grouper (Epinephelus marginatus)
 * Dogtooth grouper (Epinephelus caninus)
 * Genus Hypoplectrodes
 * Redbanded perch (Hypoplectrodes huntii) is found in southeastern Australia and the North Island and northern South Island of New Zealand.
 * Genus Trachypoma
 * Toadstool groper (Trachypoma macracanthus) is found in the southwest Pacific Ocean.
 * Genus Serranus
 * Serranus cabrilla (Comber) (Linnaeus, 1758)
 * Serranus scriba (Painted comber) (Linnaeus, 1758)

Other

 * Family Latidae (also called Asian sea bass, whose range is the Indo-Pacific, from Australia to India)
 * Genus Hypopterus (spikey seabass)
 * Hypopterus macropterus
 * Genus Lates (Lates sea bass)
 * Lates calcarifer (Bloch, 1790) (barramundi, Lates sea bass)
 * Lates japonicus Katayama & Y. Taki, 1984 (Japanese lates sea bass)
 * Genus Psammoperca (Waigeo sea bass)
 * Psammoperca waigiensis
 * Family Nototheniidae
 * Genus Dissostichus (Chilean sea bass, a marketing term for the Patagonian toothfish)
 * Dissostichus eleginoides
 * Dissostichus mawsoni
 * Family Moronidae
 * Genus Dicentrarchus (European sea bass)
 * Dicentrarchus labrax - European sea bass or sea dace
 * Dicentrarchus punctatus - spotted sea bass
 * Family Polyprionidae
 * Genus Stereolepis giant sea bass, native to the northern Pacific Ocean)
 * Stereolepis gigas (giant sea bass)
 * Stereolepis doederleini
 * Family Lateolabracidae
 * Genus Lateolabrax (Japanese sea bass, a fish commonly used in Japanese, Korean, and Chinese cuisines, is also commonly called suzuki.)
 * Lateolabrax japonicus (G. Cuvier, 1828) (Japanese sea bass)
 * Lateolabrax latus Katayama, 1957 (blackfin sea bass)
 * Family Sciaenidae
 * Genus Atractoscion (white sea bass)
 * White seabass (Atractoscion nobilis, family Sciaenidae), along the Pacific coast of the United States
 * Genus Pseudotolithus
 * Pseudotolithus senegalensis (cassava croaker)
 * Pseudotolithus typus (longneck croaker)

title: Sea bass


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White bass

The white bass, silver bass, or sand bass (Morone chrysops) is a freshwater fish of the temperate bass family Moronidae. commonly around 12-15 inches long. The species' main color is silver-white to pale green. Its back is dark, with white sides and belly, and with narrow dark stripes running lengthwise on its sides. It has large, rough scales and two dorsal fins. They are widely distributed across North America, inhabiting large reservoirs and rivers. When mating in the spring, they are more often found in shallow rivers, creeks, and streams. They have been introduced in some places as sport fish and also to predate on nuisance fish, such as gizzard shad. It is the state fish of Oklahoma.

Range
White bass are distributed widely across the United States, especially in the Midwest. They are very abundant in Pennsylvania and the area around Lake Erie. Some native ranges of the white bass are the Arkansas River, western Lake Erie, the Detroit River, and Lake Poinsett in South Dakota; they are abundant in the Winnebago lakes system of Wisconsin; and they are also very abundant in Oklahoma. White bass have also been found in rivers that flow to the Mississippi. Native to many northern habitats, they have been introduced in many different waters around the United States, particularly in southern locations. They were also successfully introduced to Manitoba starting in the 1960s, where they have gained importance as a sport fish.

Description
The species' main color is silver-white to pale green. Its back is dark, with white sides and belly, and with narrow dark stripes running lengthwise on its sides. It has large, rough scales and two dorsal fins. The more anterior dorsal fin is much harder and appears to have spines on them. Although these are not true spines, this type of fin is called a spinous ray. The more posterior of the two dorsal fins is much softer, and is thus called a soft-ray. Because the vertebrae do not extend into the tail, the white bass has what is called a homocercal tail. The body is deep and compressed laterally. Most grow to a length between 10 and 12 in, though they can reach 17 in or more. Because the dorsal and ventral portions of its tail angle inward toward a point to create a clear angle, the tail is said to be notched.

The record size for white bass caught on fishing tackle, per The International Game Fish Association, is 3.09 kg shared by fish caught in 1989 in Orange Lake, Orange, Virginia, and in 2010 in Amite River, Louisiana.

Diet
White bass are carnivores. They have four main taxa in their diet: calanoid copepods, cyclopoid copepods, daphnia, and leptodora. They are visual feeders. When not frightened, they will bite readily at live bait such as worms and minnows. Only the largest fish will feed on other fish, and as the summer season progresses, there is an overall trend towards eating fewer fish. Fish that are able to accumulate lipids over the summer are better able to survive cold winters. When looking at midwestern white bass, particularly in South Dakota, diet overlap occurs between the bass and the walleye. As seasons progress through the summer and fall, the amount of diet overlap decreases as a result of both fish increasing in length.

Habitat
White bass are found in high densities in the upstream segment of rivers. This portion of the river becomes the most degraded, as a number of different kinds of fish live in this segment, as well.

Reproduction
The spawning season for the white bass is mid-March to late May. The optimal water temperatures are 12 to 20 C.  They are known to find their home spawning ground even if it is moved to a different part of the same lake. They often spawn in moving water in a tributary stream, but they will spawn in windswept lake shores. They spawn during daylight. Females release 242,000 to 933,000 eggs which stick to the surface of objects. Eggs are laid in clear, relatively shallow water on plants, submerged logs, gravel, or rocks. The parents move to deeper water and do not care for the young fish. The young fish live in shallow water for a while until they move to deeper water.

When trying to find a female with whom to mate, males will bump against a female's abdominal area. The female will then rise closer to the surface and begin spinning and releasing eggs. Several males that have stayed in the area will be able to fertilize the eggs the female releases.

Hybrids with other bass
White bass have also been hybridized with striped bass to produce hybrid striped bass also known as wiper, whiterock bass, sunshine bass, palmetto bass, and Cherokee bass. These hybrids have been stocked in many freshwater areas across the US.

license: Creative Commons - Attribution Share-Alike - https://creativecommons.org/licenses/by-sa/4.0/

title: White bass


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White perch

The white perch (Morone americana) is not a true perch but is a fish of the temperate bass family, Moronidae, notable as a food and game fish in eastern North America. In some places it is referred to as "Silver Bass".

The common name "white perch" is sometimes applied to the white crappie (Pomoxis annularis).

Description
Generally silvery-white in color, hence the name, depending upon habitat and size specimens have begun to develop a darker shade near the dorsal fin and along the top of the fish. This sometimes earns them the nickname "black-back". White perch have been reported up to 49.5 cm in length and weighing 2.2 kg.

Ecology
Although favoring brackish waters, it is also found in fresh water and coastal areas from the St. Lawrence River and Lake Ontario south to the Pee Dee River in South Carolina, and as far east as Nova Scotia. They are also found in the lower Great Lakes, Finger Lakes, Long Island Sound and nearby coastal areas, Hudson and Mohawk River system, Delaware Bay and Chesapeake Bay. It is also found occasionally in small landlocked lakes and ponds.

Diet
White perch are known to eat the eggs of many species native to the Great Lakes, such as walleye and other true perches. At times, fish eggs are 100% of their diet. They prefer to eat small minnows like mudminnows and fathead minnows.

In the Chesapeake Bay, white perch commonly prey upon grass shrimp, razor clams, and bloodworms which are all common to the region.

Reproduction
White perch are a prolific species. The female can deposit over 150,000 eggs in a spawning session, lasting just over a week. Several males will often attend a spawning female, and each may fertilize a portion of her eggs. The young hatch within one to six days of fertilization.

At times, a parasite known as Lironeca ovalis is located in the gills. Its presence is believed to reduce the growth rate of white perch.

The white perch is currently recovering from a loss of population in the Hudson River.

Aquatic nuisance species
Some states consider the white perch to be a nuisance species due to its ability to destroy fisheries. They have been associated with the declines in both walleye and white bass populations because they feed heavily on baitfish used by those species and outcompete them for food and space. Many states have enacted laws forbidding possession of live white perch. Additionally, these states recommend not releasing captured white perch back into the water to help control its spread.

title: White perch


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Dow Jones Industrial Average

The Dow Jones Industrial Average (DJIA), Dow Jones, or simply the Dow, is a stock market index of 30 prominent companies listed on stock exchanges in the United States.

The DJIA is one of the oldest and most commonly followed equity indexes. Many professionals consider it to be an inadequate representation of the overall U.S. stock market compared to a broader market index such as the S&P 500. The DJIA includes only 30 large companies. It is price-weighted, unlike stock indices, which use market capitalization. Furthermore, the DJIA does not use a weighted arithmetic mean.

The value of the index can also be calculated as the sum of the stock prices of the companies included in the index, divided by a factor, which is approximately 0.152. The factor is changed whenever a constituent company undergoes a stock split so that the value of the index is unaffected by the stock split.

First calculated on May 26, 1896, the index is the second-oldest among U.S. market indices, after the Dow Jones Transportation Average. It was created by Charles Dow, co-founder of both The Wall Street Journal and the Dow Jones & Company, and named after him and his business associate, statistician Edward Jones.

The index is maintained by S&P Dow Jones Indices, an entity majority-owned by S&P Global. Its components are selected by a committee. The ten components with the largest dividend yields are commonly referred to as the Dogs of the Dow. As with all stock prices, the prices of the constituent stocks and consequently the value of the index itself are affected by the performance of the respective companies as well as macroeconomic factors.

Components
the Dow Jones Industrial Average consists of the following companies, with a weighting as shown:

Former components
As of February 26, 2024, the components of the DJIA have changed 58 times since its beginning on May 26, 1896. General Electric had the longest presence on the index, beginning in the original index in 1896 and ending in 2018, but was dropped and re-added twice between 1898 and 1907. Changes to the index since 1991 are as follows:
 * On May 6, 1991, Caterpillar Inc., J.P. Morgan & Co., and The Walt Disney Company replaced American Can, Navistar, and U.S. Steel.
 * On March 17, 1997, Travelers Inc., Hewlett-Packard, Johnson & Johnson, and Walmart replaced Westinghouse Electric, Texaco, Bethlehem Steel, and F. W. Woolworth Company.
 * On November 1, 1999, Microsoft, Intel, SBC Communications, and Home Depot replaced Goodyear Tire, Sears Roebuck, Union Carbide, and Chevron Corporation. Intel and Microsoft became the first and second companies traded on the Nasdaq to be part of the Dow.
 * On April 8, 2004, American International Group, Pfizer, and Verizon Communications replaced AT&T Corporation, Kodak, and International Paper.
 * On February 19, 2008, Chevron Corporation and Bank of America replaced Altria Group and Honeywell. Chevron was previously a Dow component from July 18, 1930, to November 1, 1999. During Chevron's absence, its split-adjusted price per share went from $44 to $85, while the price of petroleum rose from $24 to $100 per barrel.
 * On September 22, 2008, Kraft Foods Inc. replaced American International Group (AIG) in the index.
 * On June 8, 2009, The Travelers Companies and Cisco Systems replaced Motors Liquidation Company (formerly General Motors) and Citigroup. Cisco became the third company traded on the NASDAQ to be part of the Dow.
 * On September 24, 2012, UnitedHealth Group replaced Kraft Foods Inc. following Kraft's split into Mondelez International and Kraft Foods.
 * On September 20, 2013, Goldman Sachs, Nike, Inc., and Visa Inc. replaced Alcoa, Bank of America, and Hewlett-Packard. Visa replaced Hewlett-Packard because of the split into HP Inc. and Hewlett Packard Enterprise.
 * On March 19, 2015, Apple Inc. replaced AT&T, which had been a component of the DJIA since November 1916. Apple became the fourth company traded on the NASDAQ to be part of the Dow.
 * On September 1, 2017, DowDuPont replaced DuPont. DowDuPont was formed by the merger of Dow Chemical Company with DuPont.
 * On June 26, 2018, Walgreens Boots Alliance replaced General Electric, which had been a component of the DJIA since November 1907, after being part of the inaugural index in May 1896 and much of the 1896 to 1907 period.
 * On April 2, 2019, Dow Inc. replaced DowDuPont. Dow, Inc. is a spin-off of DowDuPont, itself a merger of Dow Chemical Company and DuPont.
 * On April 6, 2020, Raytheon Technologies replaced United Technologies. Raytheon is the name of the combination of United Technologies and the Raytheon Company, which merged as of April 3, 2020. The newly combined conglomerate does not include previous subsidiaries Carrier Global or Otis Worldwide.
 * On August 31, 2020, Amgen, Honeywell, and Salesforce.com replaced ExxonMobil, Pfizer, and Raytheon Technologies.
 * On February 26, 2024, Amazon replaced Walgreens Boots Alliance.

Investment methods
Investing in the DJIA is possible via index funds as well as via derivatives such as option contracts and futures contracts.

Mutual and exchange-traded funds
Index funds, including mutual funds and exchange-traded funds (ETF) can replicate, before fees and expenses, the performance of the index by holding the same stocks as the index in the same proportions. An ETF that replicates the performance of the index is issued by State Street Corporation (nyse arca: DIA).

ProShares offers leveraged ETFs that attempt to produce three times the daily result of either investing in (nyse arca: UDOW) or shorting (nyse arca: SDOW) the Dow Jones Industrial Average.

Futures contracts
In the derivatives market, the CME Group through its subsidiaries the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT), issues Futures Contracts; the E-mini Dow ($5) Futures (YM), which track the average and trade on their exchange floors respectively. Trading is typically carried out in an open outcry auction, or over an electronic network such as CME's Globex platform.

Options contracts
The Chicago Board Options Exchange (CBOE) issues option contracts on the Dow through the root symbol DJX. Options on various Dow-underlying ETFs are also available for trading.

Annual returns
The following table shows the annual development of the Dow Jones Index, which was calculated back to 1896.

Precursor
In 1884, Charles Dow composed his first stock average, which contained nine railroads and two industrial companies that appeared in the Customer's Afternoon Letter, a daily two-page financial news bulletin which was the precursor to The Wall Street Journal. On January 2, 1886, the number of stocks represented in what is now the Dow Jones Transportation Average dropped from 14 to 12, as the Central Pacific Railroad and Central Railroad of New Jersey were removed. Though comprising the same number of stocks, this index contained only one of the original twelve industrials that would eventually form Dow's most famous index.

Initial components
Dow calculated his first average purely of industrial stocks on May 26, 1896, creating what is now known as the Dow Jones Industrial Average. None of the original 12 industrials still remain part of the index.
 * American Cotton Oil Company, a predecessor company to Hellmann's and Best Foods, now part of Unilever.
 * American Sugar Refining Company, became Domino Sugar in 1900, now Domino Foods, Inc.
 * American Tobacco Company, broken up in a 1911 antitrust action.
 * Chicago Gas Company, bought by Peoples Gas Light in 1897, was an operating subsidiary of the now-defunct Integrys Energy Group until 2014.
 * Distilling & Cattle Feeding Company, now Millennium Chemicals, formerly a division of LyondellBasell.
 * General Electric, still in operation, removed from the Dow Jones Industrial Average in 2018.
 * Laclede Gas Company, still in operation as Spire Inc, removed from the Dow Jones Industrial Average in 1899.
 * National Lead Company, now NL Industries, removed from the Dow Jones Industrial Average in 1916.
 * North American Company, an electric utility holding company, broken up by the U.S. Securities and Exchange Commission (SEC) in 1946.
 * Tennessee Coal, Iron and Railroad Company in Birmingham, Alabama, bought by U.S. Steel in 1907; U.S. Steel was removed from the Dow Jones Industrial Average in 1991.
 * United States Leather Company, dissolved in 1952.
 * United States Rubber Company, changed its name to Uniroyal in 1961, merged with private Goodrich Corporation in 1986, tire business bought by Michelin in 1990. (The remainder of Goodrich remained independent several more years but was acquired by United Technologies in 2012 and became a part of UTC Aerospace Systems, now Collins Aerospace, a Raytheon Technologies subsidiary.)

Early years
When it was first published in the mid-1880s, the index stood at a level of 62.76. It reached a peak of 78.38 during the summer of 1890, but ended up hitting its all-time low of 28.48 in the summer of 1896 during the Panic of 1896. Many of the biggest percentage price moves in the Dow occurred early in its history, as the nascent industrial economy matured. In the 1900s, the Dow halted its momentum as it worked its way through two financial crises: the Panic of 1901 and the Panic of 1907. The Dow remained stuck in a range between 53 and 103 until late 1914. The negativity surrounding the 1906 San Francisco earthquake did little to improve the economic climate; the index broke 100 for the first time in 1906.

At the start of the 1910s, the Panic of 1910–1911 stifled economic growth. On July 30, 1914, as the average stood at a level of 71.42, a decision was made to close down the New York Stock Exchange, and suspend trading for a span of four and a half months. Some historians believe the exchange was closed because of a concern that markets would plunge as a result of panic over the onset of World War I. An alternative explanation is that the United States Secretary of the Treasury, William Gibbs McAdoo, closed the exchange to conserve the U.S. gold stock in order to launch the Federal Reserve System later that year, with enough gold to keep the United States on par with the gold standard. When the markets reopened on December 12, 1914, the index closed at 74.56, a gain of 4.4%. This is frequently reported as a large drop, due to using a later redefinition. Reports from the time say that the day was positive. Following World War I, the United States experienced another economic downturn, the Post–World War I recession. The Dow's performance remained unchanged from the closing value of the previous decade, adding only 8.26%, from 99.05 at the beginning of 1910, to a level of 107.23 at the end of 1919.

The Dow experienced a long bull run from 1920 to late 1929 when it rose from 73 to 381 points. In 1928, the components of the Dow were increased to 30 stocks near the economic height of that decade, which was nicknamed the Roaring Twenties. This period downplayed the influence of the Depression of 1920–21 and certain international conflicts such as the Polish–Soviet War, the Irish Civil War, the Turkish War of Independence and the initial phase of the Chinese Civil War. After a peak of 381.17 on September 3, 1929, the bottom of the 1929 crash came just 2 months later on November 13, 1929, at 195.35 intraday, closing slightly higher at 198.69. The Wall Street Crash of 1929 and the ensuing Great Depression over the next several years saw the Dow continue to fall until July 8, 1932, when it closed at $41.22, roughly two-thirds of its mid-1880s starting point and almost 90% below its peak. Overall for the 1920s decade, the Dow still ended with a healthy 131.7% gain, from 107.23 to 248.48 at the end of 1929. In inflation-adjusted numbers, the high of 381.17 on September 3, 1929, was not surpassed until 1954.

Marked by global instability and the Great Depression, the 1930s contended with several consequential European and Asian outbreaks of war, leading up to catastrophic World War II in 1939. Other conflicts during the decade which affected the stock market included the 1936–1939 Spanish Civil War, the 1935–1936 Second Italo-Abyssinian War, the Soviet-Japanese Border War of 1939, and the Second Sino-Japanese War of 1937. The United States experienced the Recession of 1937–1938, which temporarily brought economic recovery to a halt. The largest one-day percentage gain in the index happened in the depths of the 1930s bear market on March 15, 1933, when the Dow gained 15.34% to close at 62.10. However, as a whole throughout the Great Depression, the Dow posted some of its worst performances, for a negative return during most of the 1930s for new and old stock market investors. For the decade, the Dow Jones average was down from 248.48 at the beginning of 1930, to a stable level of 150.24 at the end of 1939, a loss of about 40%.

1940s
Post-war reconstruction during the 1940s, along with renewed optimism of peace and prosperity, brought about a 33% surge in the Dow from 150.24 to 200.13. The strength in the Dow occurred despite the Recession of 1949 and various global conflicts.

1950s
During the 1950s, the Korean War and the Cold War did not stop the Dow's climb higher. A nearly 240% increase in the average from 200.13 to 679.36 ensued over the course of that decade.

1960s
The Dow began to stall during the 1960s as the markets trudged through the Kennedy Slide of 1962, but still managed a respectable 18% gain from 679.36 to 800.36.

1970s
The 1970s marked a time of economic uncertainty and troubled relations between the U.S. and certain Middle-Eastern countries. The 1970s energy crisis was a prelude to a disastrous economic climate along with stagflation, the combination of high unemployment and high inflation. However, on November 14, 1972, the average closed at 1,003.16, above the 1,000 mark for the first time, during a brief relief rally in the midst of a lengthy bear market. Between January 1973 and December 1974, the average lost 48% of its value in what became known as the 1973–1974 stock market crash, closing at 577.60 on December 6, 1974. The nadir came after prices dropped more than 45% over two years since the NYSE's high point of 1,003.16 on November 4, 1972. In 1976, the index reached 1,000 several times and it closed the year at 1,004.75. Although the Vietnam War ended in 1975, new tensions arose towards Iran surrounding the Iranian Revolution in 1979. Performance-wise for the 1970s, the index remained virtually flat, rising 4.8% from 800.36 to 838.74.

1980s
The 1980s began with the early 1980s recession. In early 1981, the index broke above 1,000 several times, but then retreated. After closing above 2,000 in January 1987, the largest one-day percentage drop occurred on Black Monday, October 19, 1987, when the average fell 22.61%. There were no clear reasons given to explain the crash.

On October 13, 1989, the Friday the 13th mini-crash, which initiated the collapse of the junk bond market, resulted in a loss of almost 7% of the index in a single day.

During the 1980s, the Dow increased 228% from 838.74 to 2,753.20; despite the market crashes, Silver Thursday, an early 1980s recession, the 1980s oil glut, the Japanese asset price bubble, and other political distractions. The index had only two negative years in the 1980s: in 1981 and 1984.

1990s
The 1990s brought on rapid advances in technology along with the introduction of the dot-com era. The markets contended with the 1990 oil price shock compounded with the effects of the early 1990s recession and a brief European situation surrounding Black Wednesday. Certain influential foreign conflicts such as the 1991 Soviet coup d'état attempt which took place as part of the initial stages of the Dissolution of the Soviet Union and the Revolutions of 1989; the First Chechen War and the Second Chechen War, the Gulf War, and the Yugoslav Wars failed to dampen economic enthusiasm surrounding the ongoing Information Age and the "irrational exuberance" (a phrase coined by Alan Greenspan ) of the dot-com bubble. Between late 1992 and early 1993, the Dow staggered through the 3,000 level making only modest gains as the biotechnology sector suffered through the downfall of the Biotech Bubble; as many biotech companies saw their share prices rapidly rise to record levels and then subsequently fall to new all-time lows.

The Dow soared from 2,753 to 8,000 between January 1990 to July 1997. In October 1997, the events surrounding the 1997 Asian financial crisis plunged the Dow into a 554-point loss to a close of 7,161.15; a retrenchment of 7.18% in what became known as the October 27, 1997 mini-crash.

However, the Dow continued climbing past 9,000 despite negativity surrounding the 1998 Russian financial crisis along with the subsequent fallout from the 1998 collapse of Long-Term Capital Management due to bad bets placed on the movement of the Russian ruble.

On March 29, 1999, the average closed at 10,006.78, its first close above 10,000. This prompted a celebration on the trading floor, complete with party hats. Total gains for the decade exceeded 315%; from 2,753.20 to 11,497.12, which equates to 12.3% annually.

The Dow averaged a 5.3% return compounded annually for the 20th century, a record Warren Buffett called "a wonderful century"; when he calculated that to achieve that return again, the index would need to close at about 2,000,000 by December 2099.

2000s
On September 17, 2001, the first day of trading after the September 11 attacks, the Dow fell 7.1%. However, the Dow began an upward trend shortly after the attacks, and quickly regained all lost ground to close above 10,000 for the year. In 2002, the Dow dropped to a four-year low of 7286 on September 24, 2002, due to the stock market downturn of 2002 and lingering effects of the dot-com bubble. Overall, while the NASDAQ fell roughly 75% and the S&P 500 fell roughly 50% between 2000 and 2002, the Dow only fell 27% during the same period. In 2003, the Dow held steady within the 7,000 to 9,000-point level and recovered to the 10,000 mark by year end.

The Dow continued climbing and reached a record high of 14,198.10 on October 11, 2007, a mark which was not matched until March 2013. It then dropped for the next year due to the Financial crisis of 2007–2008.

On September 15, 2008, a wider financial crisis became evident when Lehman Brothers filed for bankruptcy along with the economic effect of record high oil prices which had reached almost $150 per barrel two months earlier. The Dow lost more than 500 points for the day, returning to its mid-July lows below 11,000. A series of bailout packages, including the Emergency Economic Stabilization Act of 2008, proposed and implemented by the Federal Reserve and United States Department of the Treasury did not prevent further losses. After nearly six months of extreme volatility during which the Dow experienced its largest one-day point loss, largest daily point gain, and largest intraday range (of more than 1,000 points) at the time, the index closed at a new 12-year low of 6,547.05 on March 9, 2009, its lowest close since April 1997. The Dow had lost 20% of its value in only six weeks.

Towards the latter half of 2009, the average rallied towards the 10,000 level amid optimism that the Late-2000s recession, the United States housing bubble and the financial crisis of 2007–2008, were easing and possibly coming to an end. For the decade, the Dow saw a rather substantial pullback for a negative return from 11,497.12 to 10,428.05, a loss of a 9.3%.

2010s
During the first half of the 2010s decade, aided by the Federal Reserve's loose monetary policy including quantitative easing, the Dow made a notable rally attempt. This was despite significant volatility due to growing global concerns such as the 2010 European sovereign debt crisis, the Dubai World 2009 debt standstill, and the United States debt-ceiling crisis of 2011.

On May 6, 2010, the Dow lost 9.2% intra-day and regained nearly all of it within a single hour. This event, which became known as the 2010 Flash Crash, sparked new regulations to prevent future incidents.

Six years after its previous high in 2007, the Dow finally closed at a new record high on March 5, 2013. It continued rising for the next several years past 17,000 points until a brief 2015–16 stock market selloff in the second half of 2015. It then picked up again early 2016 and climbed past 25,000 points on January 4, 2018.

On November 9, 2016, the day after Donald Trump's victory over Hillary Clinton in the U.S. presidential election, the index soared, coming within roughly 25 points of its all-time intraday high to that point.

Volatility returned in 2018 when the Dow fell nearly 20%. By early January 2019, the index had quickly rallied more than 10% from its Christmas Eve low.

Overall in the 2010s decade, the Dow increased from 10,428.05 to 28,538.44 for a substantial gain of 174%.

2020s

Despite the emerging COVID-19 pandemic, the Dow continued its bull run from the previous decade before peaking at 29,551.42 on February 12, 2020 (29,568.57 intraday on the same day). The index slowly retreated for the remainder of the week and into the next week, before coronavirus fears and an oil price war between Saudi Arabia and Russia sent the index into a tailspin, recording several days of losses (and gains ) of at least 1,000 points, a typical symptom of a bear market as previously seen in October 2008 during the financial crisis. Volatility rose high enough to trigger multiple 15-minute trading halts. In the first quarter of 2020, the DJIA fell 23%, its worst quarter since 1987. The market recovered in the third quarter, returning to 28,837.52 on October 12, 2020, and peaked momentarily at a new all-time high of 29,675.25 on November 9, 2020, at 14:00 ET, following that day's announcement of the success of the Pfizer–BioNTech COVID-19 vaccine in Phase III clinical trials. The Dow (as reported by the UPI) closed over 30,000 on December 31, 2020, at a record 30,606.48. On November 24, following news that the presidential transition of Joe Biden was approved, the Dow increased by more than 500 points, closing at 30,046.24. On January 22, 2024, the Dow Jones crossed 38,000 points for the first time; a month later it surpassed 39,000; and in May, it surpassed 40,000 points.

Computation
The DJIA is computed as the sum of the prices of all thirty stocks divided by a divisor, the Dow Divisor. The divisor is adjusted in case of stock splits, spinoffs or similar structural changes, to ensure that such events do not in themselves alter the numerical value of the DJIA. Early on, the initial divisor was composed of the original number of component companies; this initially made the DJIA a simple arithmetic average. The present divisor, after many adjustments, is less than one, making the index larger than the sum of the prices of the components. That is:
 * $$ \text{DJIA} = {\sum p \over d}$$

where p are the prices of the component stocks and d is the Dow Divisor.

Events such as stock splits or changes in the list of the companies composing the index alter the sum of the component prices. In these cases, in order to avoid discontinuity in the index, the Dow Divisor is updated so that the quotations right before and after the event coincide:

 * $$ \text{DJIA} = {\sum p_\text{old} \over d_\text{old} } = {\sum p_\text{new} \over d_\text{new} }.$$

the Dow Divisor is 0.15221633137872 and every $1 change in price in a particular stock within the average equates to a 6.5696 (or 1 ÷ 0.15221633137872) point movement.

Issues with market representation
With the inclusion of only 30 stocks, critics such as Ric Edelman argue that the DJIA is an inaccurate representation of overall market performance compared to more comprehensive indices such as the S&P 500 Index or the Russell 3000 Index. Additionally, the DJIA is criticized for being a price-weighted index, which gives higher-priced stocks more influence over the average than their lower-priced counterparts, but takes no account of the relative industry size or market capitalization of the components. For example, a $1 increase in a lower-priced stock can be negated by a $1 decrease in a much higher-priced stock, even though the lower-priced stock experienced a larger percentage change. In addition, a $1 move in the smallest component of the DJIA has the same effect as a $1 move in the largest component of the average. For example, during September–October 2008, former component AIG's reverse split-adjusted stock price collapsed from $22.76 on September 8 to $1.35 on October 27; contributing to a roughly 3,000-point drop in the index.

Goldman Sachs and UnitedHealth Group are among the highest-priced stocks in the average and therefore have the greatest influence on it. Alternately, Cisco Systems and Coca-Cola are among the lowest-priced stocks in the average and have the least sway in the price movement. Critics of the DJIA and most securities professionals recommend the market-capitalization weighted S&P 500 Index or the Wilshire 5000, the latter of which includes most publicly listed U.S. stocks, as better indicators of the U.S. stock market.

Correlation among components
A study between the correlation of components of the Dow Jones Industrial Average compared with the movement of the index finds that the correlation is higher when the stocks are declining. The correlation is lowest in a time when the average is flat or rises a modest amount.

title: Dow Jones Industrial Average


text:
Talk:New York Stock Exchange

"Best known for"

 * "The Dow Jones Industrial Average (DJIA) is the oldest stock price measure in use and is what the NYSE is best known for."

Removed. What what sense is the DJIA what "NYSE is best known for"? If this claim has any validity, someone absolutely must explain how it is connected to NYSE. --Ryguasu 08:51 Dec 26, 2002 (UTC)

Exchange members
It'd be great if someone could explain how people/companies become an "exchange member", what their rights/responsabilities are, and how the trades they make on the floor translate back to how an individual person's trades through a broker translate into action on the trading floor. I don't know enough about it to explain this myself. --Ryguasu 19:10 Dec 26, 2002 (UTC)

 * I can't put this encyclopediacally, but:
 * There are a couple hundred seats, that are traded just like stocks. You got a spare US$1,500,000 or so and one could be yours, so you can trade NYSE-listed companies with the big boys (and one or two girls).
 * When I tell my broker to buy me Hasbro, he tells the brokerage's person at NYSE, and he hies himself to the Hasbro specialist broker's booth and buys shares of Hasbro for (he hopes) less than I want to pay for it.
 * As for a company being listed, I don't think there's a quota, but the company has to meet certain standards of solvency and stability.
 * This is all off the top of my head, and it's not really my field. The NYSE Web site may have more info. --Charles A. L. 20:57, Nov 16, 2003 (UTC)

Closures
Removed: "This is the longest number of consecutive business days the exchange has ever been closed in its two-century history." after Sept 11. According to the NYSE's own website, the stock exchange was closed for 10 days in 1873, among others. djmutex 21:11 2 Jul 2003 (UTC)

List of companies
Since a comprehensive list of companies listed on the NYSE takes up about a dozen columns of tiny print in the New York Times, is it meaningful, useful, or necessary to name a handful here? --Charles A. L. 20:57, Nov 16, 2003 (UTC)

 * I agree, especially as some of the examples seemed to be picked a bit randomly. I've removed them, but added a reference to the DJIA nearer the top that people can link to if they want examples of NYSE listings.  Also tried to address Ryguasu's point above about the link between the Dow and the NYSE being tenuous -- the Dow is supposed to be the list of the 30 biggest listed companies in the US, and while almost every big blue-chip company lists on the NYSE they will always be very much associated with each other.  ben 10:03, 18 Jul 2004 (UTC)

NYSE Controversy
I'm thinking of adding something to this page about the recent criticisms people have been making of the NYSE. The main things I am thinking of are: Oviously a lot of work needs to go into making sure it remains NPOV by giving the NYSE's arguments against all of these criticisms.
 * the specialist's conflict of interest between maintaining an orderly market and making a profit out of it, including the recent SEC settlement with six big specialist firms
 * the NYSE's resistance to electronic trading, and Arca and Instinet's claim that the trade-through rule helps maintain the NYSE's monopoly
 * bit more on Dick Grasso and the compensation committee, plus the board's dual role as regulator and maintainer of a profitable organisation.

What I'm not sure about is whether to have a separate section about it recent controversies, or to extend the article as a whole and then drop in the issues where appropriate (e.g. explain who the specialist is and what they do, then bring in the conflict). Possibly blending it in would suggest a more NPOV than a separate section, but then again they are pretty big issues and their resolution could end up changing the way the securities industry operates dramatically.

Any thoughts? ben 10:19, 18 Jul 2004 (UTC)

Real exchange
Leading sentence in para 2: "NYSE trades, unlike those on some other more "virtual" exchanges (e.g. NASDAQ), always involve face-to-face communication in a particular physical location."

NASDAQ is not a 'virtual' exchange, it is a real exchange with read bid and read ask prices. This sentence implies some mock superiority to me. Those that trade on the NYSE do not necessarily do it face-to-face, the technical function of the market isn't necessary toexplain what the market is - perhaps a statement saying the market is technically implemented through a 'specialist', rather than a 'market maker' (like NASDAQ, LSE, etc). Happy to draft a link to 'specialist' v. 'market maker' page (have not found any such article on Wikipedia)... Investopedia explains the difference here (http://www.investopedia.com/university/electronictrading/trading1.asp) — Preceding unsigned comment added by 195.137.85.47 (talk) 20:37, 13 August 2004 (UTC)

Flag
If someone can add notes about when the ginormous flag first appeared, that would be great. I don't remember ever seeing it in TV footage until after September 11, but it might have been used for a special event or something (4th of July, for instance). From what I can tell, it's not usually there today except for special occasions, but I'm halfway across the continent and it's not exactly on my drive to work (even if I had a job ;-)... —User:Mulad (talk) 06:02, Mar 2, 2005 (UTC)

 * Here's a story about the flag: http://www.zitopartners.com/the-flag-on-the-nyse-facade — Preceding unsigned comment added by 85.157.207.146 (talk) 11:18, 16 December 2015 (UTC)

Opening and closing bell
Something should be mentioned about what time the NYSE usually opens and closes. -- AllyUnion (talk) 07:01, 10 Jun 2005 (UTC)

 * I agree. Is it open on weekends? — Preceding unsigned comment added by 71.218.161.59 (talk) 06:27, 17 March 2007 (UTC)

 * Another issue regarding the bell - The NYSE site offers a pretty scant history. Apparently, a gong was used initially, but there has always been a bell at the new (1903) site. Meanwhile, there's no information about when they started allowing and inviting "guest" ringers. The mindless clappers up there when trading opens and closes has always bothered me. 72.177.96.237 (talk) 23:50, 25 August 2008 (UTC)

Merger is intended, not yet effective
The April 2005 announcement was of the intent of NYSE and ARchipelago to merge, and separately for the new entity to become a public, for-profit company. This merger is subject to law suits, and regulatory approvals. As of July 2005 NYSE is still a not-for-profit member owned organization. The formal changes will likely take place sometime in 2006. — Preceding unsigned comment added by 156.153.255.134 (talk) 21:52, 29 July 2005 (UTC)

1914 NYSE Closure
I am reading a book I stumbled on to at a used book sale entitled "Road to War: America 1914-1917" published in 1935 by New York Herald Tribune correspondent Walter Millis. It is there that I have learned for the first time that NYSE in 1914 had its longest closure-far longer than all the others combined-of 4 1/2 months, although the author states that a vibrant street market on the sidewalk outside the exchange's closed doors quickly emerged.

Your brief comment on this indicates that the exchange reopened in late November 1914 after having been closed since late July (in order to prevent panic selling of Euro stocks according to another source) initially to allow limited trading in bonds and then on a full service basis in mid-December 1914. The part about initial bond trading, however, is accompanied by the comment that this was done to aid the war effort, a statement that only the passage of almost a century, makes it seem not as politically loaded as it should be. Moreover, the first Allied War Loan was not floated privately until late September 1915 via the House of Morgan so the bonds traded could not have been European War bonds, although Morgan had been acting as the purchasing agent for the British's non-munitions purchases in a context, due to the British Navy's supremacy on the seas and its blockade of Central Powers shipping, that favored one side from the get-go and was in fact a contentious political issue at the time itself, during the period of what is described as Colonel House's clownishisly naive peace feelers and shuttle diplomacy.

Why is this significant? Because America was neutral in 1914 and did not enter the war until April 1917. In fact, Millis' book-an example of the isolationaist sentiment of the 30s, but nonetheless a brilliant work-sort of the "Best and the Brightest" of WW1 by someone who lived through it, talks about the ambiguoius and conflicted sentiment in this country, even among key policy players and how Americans-even those in high places like Wilson and Colonel House (Wilson's central advisor based in the White House and a precursor-and sadly also a caricature-of the Kissinger like "national security advisor") were naively manipulated like stereotypical American rubes by the British authorities in a situation that was not at all akin to that faced in the Second World War. Secretary of State of William Jennings Bryan, however, to his everlasting credit, believed in scrupulously adhering to neutrality and filed a formal protest against British violations of American neutrality in January 1915 in the context of the devastating impact on American business due to the loss of the German and Austro-Hungarinan markets particularly that for cotton.

As a matter of fact, notwithstanding substantial pro-British sentiment across the board, the prospect of us joining the war on the side of the Germans on a limited basis as we did with Napoleon in 1812 in order to defend our shipping rights was not an incredible option at least prior to the Lusitania (RMS Lusitania) episode of May 1915 (another story). Germany in WW1 was not the Third Reich, it was a constitutional monarchy like Britain with vibrant opposition parties that voted for the war during the patriotic hysteria of 1914. Britain, saddled with an increasingly Junker like aristocracy of its own, presided over the largest empire in human history that ruled over places as disparate as India and Ireland with less than kid gloves.

Most ironically, many of the German-Americans in this country at the time were Jewish who hewed to their loyalty to the Fatherland. Jacob Schiff, for example, a stereotypical top-hatted Jewish capitalist refused to join with Morgan, a rabid anti-semite, in floating the Allied bonds. (see also, "House of Morgan" by Ron Chernow). Why, not just because it violated neutrality but because-and we should never forget this-one of the "Allies" was Tsarist Russia, the most autocratic, feudal and viciously anti-semitic regime in Europe at the time with vicious lynch-mob like massacres of Jews called "pogroms" being a feature of their culture and history, a regime Schiff abhored the prospect of aiding.

Consequently, Lord Grey ranted and raved against "Schiff and the Jews of Kuhn-Loeb" that were standing in the way of his bringing the U.S. into the war, a task that was made easy from the beginning by the British Navy's severing of the German and Austrian trans-atlantic cables, British businesses' ownership of the neutral cables and the fact that most U.S. papers' European bureaus were based in London and often staffed heavily by English people causing most US news, already Allied skewed, to go through the British censor. Thus the gross exagerrations-and even outright fabrications-about German atrocities in Belgium etc.

In conclusion and with apologies for the extended polemic, if anyone has more information about the 1914 closure I would appreciate its being posted. Thank you, Tom Cod — Preceding undated comment added 20:58, 19 November 2005 (UTC)

Factual error??
I visited this article after reading this bbc article. There is an inconsistency between them and one have to be wrong. See statements below:
 * NYSE is the largest stock exchange in the world, although its trading volume was exceeded by that of NASDAQ. That is from wikipedia
 * The NYSE will now become the world's second-biggest publicly-traded stock exchange by market value, behind Deutsche Boerse. That is from BBC. — Preceding unsigned comment added by Wk muriithi (talk • contribs) 02:27, 7 December 2005 (UTC)

Seat?? What the heck is that?
For historical purpose, a paragraph of ownership arrangement when NYSE was private would be enlightening. This can serve as a good starting point

Also, instead of being owned by its 1,366 members, many of whom rent out their seats on the exchange and can be slow when approving changes, the NYSE will be shareholder-owned.

NYSE members will earn $300,000 (£172,000) for each seat and share 70% of shares in the new company.

I am curious, if a seat is not similar to a share, would it be close to a voting right in co-operatives? — Preceding unsigned comment added by Wk muriithi (talk • contribs) 02:47, 7 December 2005 (UTC)

 * A seat is the right to do business. It's not a share of the business! I suppose you could think of it as a condominium, the ownership of which allows you to trade listed shares with other condo owners. Similarly, you can own (and rent or sell, if it comes to that) a condominium apartment, garage or parking space, or boat slip. If the information above is correct, $300K for a seat is very low, given that a seat sold for $4 million in 2005. Obviously what is happening is that the members are getting stock in the new corporation plus a bit of a sweetner in the form of a cash payment up front. Archernewland (talk) 20:15, 8 October 2008 (UTC)

Gallagher's Evening Exchange?
I am reading a book about Jay Gould that describes a trading venue on Wall St in the 19th Century known as "Gallagher's Evening Exchange" where stocks would be traded after hours. Does anyone have any further information about this? In addition, there is discussion of NYSE trading on the "Open Board" and "Closed Board" at that time. The only reference to it online that I could find follows below. Tom Cod 21:54, 18 November 2006 (UTC)

______________

"The first new exchange to emerge after the start of the Civil War was the Public Stock Board. Under the leadership of George Henriques, the Public Stock Board opened in late 1862, when it began holding two afternoon sessions. The exchange was located in the basement of 23 William Street, hence it acquired the nickname "the Coal Hole." As with Gilpin's, a group of disgruntled broker/traders left in March 1864 to form the Open Board of Stock Brokers.

Unfortunately for compulsive traders, the Gold Room and the Open Board kept only regular business hours, and even the curb market was only open until about 6:00 p.m. But a lack of daylight apparently did not stop the most determined traders. They simply moved uptown. The New York Times first mentioned evening trading at the Fifth Avenue Hotel in November 1863, although other sources say it started in 1862. Traders probably began massing there in May 1862, about the time that the bull markets in gold and stocks began in earnest.

Perhaps because of pressure from the hotel management to stop trading on the main floor, a broker named Robert H. Gallaher [sic] rented the basement (which the New York Herald later likened to the Black Hole of Calcutta, suggesting massive overcrowding and suffocating conditions) and charged twenty-five cents admission to his new Evening Exchange. Trading began at 5:00 p.m. and went until midnight. Gold coin was traded, as were all the major stocks listed at the NYSE and the Open Board. Stocks were called for bidding one at a time, in the same way as at the NYSE. Gallaher was successful enough that the Times was reporting transactions on a daily basis beginning January 19, 1864. Business grew so fast that in March he moved the exchange to a larger facility on Broadway near the corner of 23rd Street. There are two conflicting views of this location. According to the Herald, it was a "barn-room," but in his book The Big Board, Robert Sobel states that by day it was the Republican party headquarters. Gallaher claimed that the location could accommodate 1500 people. This move was temporary, as the Evening Exchange moved to 164 Fifth Avenue in June, and then back to Broadway and 23rd Street in November. Gallaher finally erected a building at Fifth Avenue and 24th Street, which was completed by April 1865.

Gallaher was preparing to organize his Evening Exchange into a joint-stock company when the combined efforts of the NYSE, the Open Board and the Gold Room forced him out of business by denying their own members access to the Evening Exchange. The primary catalyst for the action against the Evening Exchange was the failure of the private banking firm of Ketchum, Son & Co. on August 15."

-"Sleepless in New York" by Tom Kalinke, Museum of Financial History

Nonsense
Something is clearly wrong in the first part of the article. A lot of nonsense in there. I have no time to fix it :/ Jobjörn 10:32, 17 May 2006 (UTC)

High trade failure rate of the NSE
Now I've recently heard in work that the NSE's older auction style system of trading is responsible for a failure rate hich can be as high as 20% and that all of this can be attributed to human error which would be eliminated if it switched to an electonic trading platform such as that used in the UK. does anyone know anything about this? - BTW, when i say "i heard in work" i mean in a seminar in work, not off the office bore in the canteen so i guess it must have a basis in fact? — Preceding unsigned comment added by 199.43.13.101 (talk) 15:23, 18 August 2006 (UTC)

1817-1914?
This article provides *no* history of the NYSE from 1817-1914. This article should provide a much fuller history of the institution its supposed to describe. — Preceding unsigned comment added by ThaddeusFrye (talk • contribs) 18:02, 26 September 2006 (UTC)

Number of companies
So exactly how many companies are in the NYSE? The intro paragraph only says second largest compared to the NASDAQ, but not a number, which would be better. --70.111.218.254 03:36, 15 November 2006 (UTC)

Trading floor picture
The trading floor picture of the NYSE is from the early 1990's, I happened to notice this because I am a regular viewer of CNBC and that is not how the floor looks today. Can someone please update that photo?! — Preceding unsigned comment added by 71.127.4.140 (talk) 05:50, 23 November 2006 (UTC)

Operating Hours?
What time does the NYSE trading floor open and close? What days does it operate? --1000Faces 11:38, 12 December 2006 (UTC)

 * Monday through Friday 9:30 a.m. to 4:00 p.m., Eastern Time. As part of the Euronext merger, we may see a much longer trading day (16 hours or so.) (At least that's what Thain has indicated) —Joseph/N328KF (Talk) 19:37, 21 December 2006 (UTC)

Self-regulating?
Regarding the addition of Category:Self-regulatory organizations, this category will need to be removed shortly, as NYSE is merging its regulatory side with that of the NASD. —Joseph/N328KF (Talk) 19:35, 21 December 2006 (UTC)

Financial markets Template
I tried and failed to put the financial markets template into this page, can someone who knows wiki formatting please put it in so it looks decent? 19:27, 8 February 2007 (UTC)

 * Done. --Elipongo (Talk 08:45, 11 February 2007 (UTC)

 * Removed. That template cluttered up an already overly cluttered section. Remember, not all readers have huge screens. You can probably use a navbox at the bottom to achieve what you wanted. Zain Ebrahim (talk) 07:48, 26 August 2008 (UTC)

Unexpected Closurs
Just a thought, but shouldn't information about unexpected closure(s) be included here somewhere, maybe just a paragraph in the history section or something. it was a pretty big deal when Rage Against The Machine caused the closure in 2000. And to my knowledge that was the first (and only?) time it happened... - DevAnubis 11:20, 19 February 2007 (UTC)

 * Questioning the RATM inclusion as a bit pop culture-y/hipster cute. Seems out of place within the general context of the article.  Agree closures might be interesting but would that open the door then to all service interruptions?  That would be almost its own page.  Ziquemu (talk) 02:25, 22 June 2011 (UTC) ziquemu

Another picture of the building

I've uploaded another picture of the building. I think it's better than the ones shown on the page, but I'm biased since I took the picture.

I'd be pleased if you'd want to use it on the page. I haven't added it myself since there are already plenty of pictures and I'm not sure which one to remove to make place for mine.

Gfk 23:21, 1 July 2007 (UTC)

Fair use rationale for Image:Stockmarket-nyse.jpg
Image:Stockmarket-nyse.jpg is being used on this article. I notice the image page specifies that the image is being used under fair use but there is no explanation or rationale as to why its use in this Wikipedia article constitutes fair use. In addition to the boilerplate fair use template, you must also write out on the image description page a specific explanation or rationale for why using this image in each article is consistent with fair use.

Please go to the image description page and edit it to include a fair use rationale. Using one of the templates at Fair use rationale guideline is an easy way to insure that your image is in compliance with Wikipedia policy, but remember that you must complete the template. Do not simply insert a blank template on an image page.

If there is other fair use media, consider checking that you have specified the fair use rationale on the other images used on this page. Note that any fair use images uploaded after 4 May, 2006, and lacking such an explanation will be deleted one week after they have been uploaded, as described on criteria for speedy deletion. If you have any questions please ask them at the Media copyright questions page. Thank you.

BetacommandBot 11:30, 6 July 2007 (UTC)

 * i removed the picture.
 * Gfk 18:29, 19 July 2007 (UTC)

Gallery?
Aren't there a lot of pictures when having the actual size of the article in mind? How about a gallery at the bottom? TobykwAn 11:40, 4 August 2007 (UTC)

Lead paragraph
I find the lead confusing. If Bombay has 4800, NASDAQ 3200, and NYSE 2764 listings, then NYSE will be the third largest by number of listings, but the lead says it is the second largest by this criterion. Have I misunderstood, and could the lead be rewritten more clearly? --Hroðulf (or Hrothulf) (Talk) 22:18, 20 May 2008 (UTC)

 * I removed the assertion that it was 2nd highest - that makes no sense to me given the other information. The problem we now have is that the lead says that the NYSE has a different number of listings than the infobox. Which is right? Anyone know? Zain Ebrahim (talk) 07:50, 26 August 2008 (UTC)

New York Exchanged
american owned or american based companies only? —Preceding unsigned comment added by 192.104.67.222 (talk) 16:00, 7 July 2008 (UTC)

Companies Formerly Listed on New York Stock Exchange Category
I would like to start a category on Companies Formerly Listed on New York Stock Exchange. Any suggestions on a name (or does it exist already). Thanks. Americasroof (talk) 12:36, 14 July 2008 (UTC)

"Black Wednesday"
I really don't think that "Black Wednesday" was a name given to October 13. Those kinds of names are only really used a few years or even decades after the event. Unless someone can source that their is a concensus on this name, I'm deleting it.JakeH07 (talk) 21:48, 22 October 2008 (UTC)

"securities" vs "companies"
The first sentence says that nyse has "2,764+ listed securities". The second says that it has listings for "3,200 companies". This is very confusing. Each company's stock is a security and the only securities the exchange handles are stocks, so why are these numbers different? Bobbyi (talk) 14:37, 24 October 2008 (UTC)

 * A single company may issue several different securities - e.g., it may have preferred shares and common shares, and it may have several series of preferred or common shares. So the number of companies and the number of securities should be different; but the number of securities should always be larger than the number of companies.137.186.53.25 (talk) 16:54, 29 October 2008 (UTC)

Coordinates
Please note that the coordinates in this article need fixing as: your wrong. red dot is precisely off the mark. your welcomeSuperscript text (Previous comment added 2008-10-26T20:59:59 by 75.172.166.138 .)

 * From today, there were three separate sets of coordinates in the article. I eliminated the Coord template from the bottom of the article (in edit mode), since we could use either of the infobox coordinates to display at the title. I embedded Infobox NRHP into Infobox Exchange, allowing the potential to reduce the coordinates further to one set only. The locator map pin (the "red dot" from the above comment) apparently only works with the "lat_degrees long_degrees" format, so I chose that format for the coordinates. BrainMarble (talk) 15:35, 17 December 2009 (UTC)

Update

 * 1) of companies listed and market cap need updating (spring 2009)  —Preceding unsigned comment added by 207.237.207.140 (talk) 16:50, 12 March 2009 (UTC)

Founded in Infobox?
Where did the "founded" part of the infobox go? How come it doesnt show? Tri400 (talk) 16:34, 8 September 2009 (UTC)

 * Good question. Good thing someone caught this in less than a year... right. Fixed. Gary King  ( talk ) 01:38, 10 June 2010 (UTC)

Flag
There is nothing related with the huge american flag that is there. Is the flag always there? Why? Who had the idea? Which measurements it has? All I'm wondering should be added. --Catalaalatac (talk) 15:25, 9 February 2011 (UTC)

 * I would have to add, if you're looking for a picture to illustrate the architecture of the building, and the columns are particularly mentioned in the caption, a picture with a flag covering practically all the columns and a good part of the entire facade is really not the best choice. 71.176.111.94 (talk) 17:52, 20 December 2012 (UTC)

Ring of opening bell
I think that the article should have a separated section dedicated to the ceremonial ring of the opening bell, its meaning, history and so on. I was looking for it and I just found the caption for one of the images. --Dia^ (talk) 10:21, 15 October 2011 (UTC)

Logo
I do not know how to remove the two older logos (the blue ones). Those are no longer in use. Current logo should be kept.Sposer (talk) 03:20, 15 June 2012 (UTC)

Error in last line of 3rd paragraph, which has no edit button. I think $5 billion should be $11 billion.
Source: http://www.cbsnews.com/8301-505123_162-57560197/intercontinentalexchange-to-buy-nyse-for-$8.2b/

Kristinelark tilde, tilde, tilde, tilde  — Preceding unsigned comment added by Kristinelark (talk • contribs) 03:03, 21 December 2012 (UTC)

Libor Administration
Removing a recently added sentence about NYSE takeover of Libor administration because it is not directly relevant to the New York Stock Exchange. This page is about the stock exchange, its parent company is NYSE Euronext which is creating a new subsidiary, NYSE Euronext Rates Administration Limited (see announcement at http://www.bba.org.uk/media/article/bba-to-hand-over-administration-of-libor-to-nyse-euronext-rate-administrati), a London-based, UK registered company, regulated by the UK’s Financial Conduct Authority. (see chief executive of the BBA's article at http://www.cityam.com/article/libor-now-has-new-administrator-our-reforms-have-gone-much-further). This subsidiary will administer Libor from early 2014, while the New York Stock Exchange is a separate subsidiary of NYSE Euronext. The change in administration is covered on the pages for NYSE Euronext and Libor. --Whizz40 (talk) 10:52, 21 July 2013 (UTC)

Removed bio-sketch from Notable events section
I have removed the following two paragraphs from the tail of the "Notable events" section, and copied them here. Reason for removal: they look like a biographical sketch for an individual, and as such they do not seem to have proper place in the article.

''On 18 August 2014 Sam Jordan most recently served as CFO. In 2013, Mr. Sam Jordan responsibilities were expanded to also include oversight for global operations and information technology. He held a variety of positions in corporate finance in America and abroad while at The Dun & Bradstreet Corporation.

''Mr. Sam Jordan has served on the boards of ProQuest, the Madison Square Boys and Girls Club, and Westchester County Association. He earned an MBA in Finance from the McCombs School of Business of The University of Texas at Austin, with CPA Certification in the State of New York, and holds a Corporate Law in Accounting from the University of Delaware.''

glopk (talk) 13:24, 28 June 2015 (UTC)

July 8 Computer Glitch
Would that warrant its own article? Iamahashtag (talk) 01:53, 9 July 2015 (UTC)

History
Is it overkill that we have three separate history sections? History, Notable Events, and Timeline. Kendall-K1 (talk) 01:52, 22 September 2015 (UTC)

Sleep Now in the Fire
It seems to me we have way too much detail on the "Sleep Now in the Fire" incident. This is the longest paragraph in the "Notable events" section, longer than the 1929 crash paragraph, and about as long as the corresponding section of Sleep Now in the Fire. Readers can click through to the main article if they want this much detail. Kendall-K1 (talk) 18:33, 28 September 2015 (UTC)

External links modified
Hello fellow Wikipedians,

I have just added archive links to 2 one external links on New York Stock Exchange. Please take a moment to review my edit. If necessary, add after the link to keep me from modifying it. Alternatively, you can add to keep me off the page altogether. I made the following changes:
 * Added archive https://web.archive.org/20131029193653/http://www.nyse.com/about/listed/nya_characteristics.shtml to http://www.nyse.com/about/listed/nya_characteristics.shtml
 * Added archive https://web.archive.org/20100515175903/http://www.nyse.com:80/about/history/timeline_chronology_index.html to http://www.nyse.com/about/history/timeline_chronology_index.html

When you have finished reviewing my changes, please set the checked parameter below to true to let others know.

Cheers.—cyberbot II  Talk to my owner :Online 08:56, 1 January 2016 (UTC)

External links modified
Hello fellow Wikipedians,

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Founding date of the NYSE
The New York Stock Exchange traces its founding to the signing of the Buttonwood Agreement (https://en.wikipedia.org/wiki/Buttonwood_Agreement) on May 17, 1792 not the creation of the 1817 constitution. — Preceding unsigned comment added by 207.110.3.4 (talk) 15:30, 11 March 2016 (UTC)

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Euronext has been separated from ICE
Euronext has been separated from ICE per Euronext, and so we should update the Euronext info in the lead section. --Mathieu ottawa (talk) 22:52, 28 August 2016 (UTC)

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NYSE companies inherently notable?
Are NYSE companies inherently notable on Wikipedia? I would suspect so, but I welcome other opinions.--Dthomsen8 (talk) 21:56, 26 March 2017 (UTC)

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SCAC
There is plenty of ways to dial in a more attractive P&L... SCAC being one 8 figures a week is the average of a logistics brokerage dealing in DOD loads, any further ideas or concerns please contact me I generally will guarantee market share growth and quarterly numbers if I have an incentive, honking is great but my Oynixa doesnt understand and needs to take a look at ://www.msn.com/en-us/travel/news/tom-york-on-business-crowley-s-new-etug-ready-to-make-green-w Crowleys Etug Ill be learning about and hopefully somehow get a more private way of "crossing the mainframes" or what have you. Have a great day open Amtrak doors... 198.49.31.146 (talk) 16:43, 7 February 2024 (UTC)

title: Talk:New York Stock Exchange


text:
Council of Ephesus

The Council of Ephesus was a council of Christian bishops convened in Ephesus (near present-day Selçuk in Turkey) in AD 431 by the Roman Emperor Theodosius II. This third ecumenical council, an effort to attain consensus in the church through an assembly representing all of Christendom, confirmed the original Nicene Creed, and condemned the teachings of Nestorius, Patriarch of Constantinople, who held that the Virgin Mary may be called the Christotokos, "Christ-bearer" but not the Theotokos, "God-bearer". It met from 22 June to 31 July 431 at the Church of Mary in Ephesus in Anatolia.

Background
Nestorius' doctrine, Nestorianism, which emphasized the distinction between Christ's human and divine natures and argued that Mary should be called Christotokos (Christ-bearer) but not Theotokos (God-bearer), had brought him into conflict with other church leaders, most notably Cyril, Patriarch of Alexandria. Nestorius himself had requested the Emperor to convene the council, hoping that it would prove his orthodoxy; the council in fact condemned his teachings as heresy. The council declared Mary as Theotokos (Mother of God).

Nestorius' dispute with Cyril had led the latter to seek validation from Pope Celestine I, who offered his support for Cyril to request that Nestorius recant his position or face excommunication. Nestorius pleaded with the Eastern Roman Emperor Theodosius II to call a council in which all grievances could be aired, hoping that he would be vindicated and Cyril condemned.

Approximately 250 bishops were present. The proceedings were conducted in a heated atmosphere of confrontation and recriminations and created severe tensions between Cyril and Theodosius II. Nestorius was decisively outplayed by Cyril and removed from his see, and his teachings were officially anathematized. This precipitated the Nestorian Schism, by which churches supportive of Nestorius, especially in the Persian Empire of the Sassanids, were severed from the rest of Christendom and became known as Nestorian Christianity, or the Church of the East, whose present-day representatives are the Assyrian Church of the East, the Ancient Church of the East, the Chaldean Syrian Church, and the Chaldean Catholic Church (which restored communion with Rome).

Political context
John McGuckin cites the "innate rivalry" between Alexandria and Constantinople as an important factor in the controversy between Cyril of Alexandria and Nestorius. However, he emphasizes that, as much as political competition contributed to an "overall climate of dissent", the controversy cannot be reduced merely to the level of "personality clashes" or "political antagonisms". According to McGuckin, Cyril viewed the "elevated intellectual argument about christology" as ultimately one and the same as the "validity and security of the simple Christian life".

Even within Constantinople, some supported the Roman-Alexandrian and others supported the Nestorian factions. For example, Pulcheria supported the Roman-Alexandrian popes while the emperor and his wife supported Nestorius.

Theological context
Contention over Nestorius' teachings, which he developed during his studies at the School of Antioch, largely revolved around his rejection of the long-used title Theotokos ("Carrier of God") for the Virgin Mary. Shortly after his arrival in Constantinople, Nestorius became involved in the disputes of two theological factions, which differed in their Christology.

McGuckin ascribes Nestorius' importance to his being the representative of the Antiochene tradition and characterizes him as a "consistent, if none too clear, exponent of the longstanding Antiochene dogmatic tradition." Nestorius was greatly surprised that what he had always taught in Antioch without any controversy whatsoever should prove to be so objectionable to the Christians of Constantinople. Nestorius emphasized the dual natures of Christ, trying to find a middle ground between those who emphasized the fact that in Christ God had been born as a man, and who insisted on calling the Virgin Mary Theotokos (Greek: Θεοτόκος, "God-bearer"), and those that rejected that title because God as an eternal being could not have been born. Nestorius suggested the title Christotokos (Χριστοτόκος, "Christ-bearer"), but this proposal did not gain acceptance on either side.

Nestorius tried to answer a question considered unsolved: "How can Jesus Christ, being part man, not be partially a sinner as well, since man is by definition a sinner since the Fall?" To solve that he taught that Mary, the mother of Jesus gave birth to the incarnate Christ, not the divine Logos who existed before Mary and indeed before time itself. The Logos occupied the part of the human soul (the part of man that was stained by the Fall). But wouldn't the absence of a human soul make Jesus less human? Nestorius rejected this proposition, answering that, because the human soul was based on the archetype of the Logos, only to become polluted by the Fall, Jesus was "more" human for having the Logos and not "less". Consequently, Nestorius argued that the Virgin Mary should be called Christotokos, Greek for "Carrier of Christ", and not Theotokos, Greek for "Carrier of God".

Nestorius believed that no union between the human and divine was possible. If such a union of human and divine occurred, Nestorius believed that Christ could not truly be consubstantial with God and consubstantial with us because he would grow, mature, suffer and die (which Nestorius argued God cannot do) and also would possess the power of God that would separate him from being equal to humans.

According to McGuckin, several mid-twentieth-century accounts have tended to "romanticise" Nestorius; in opposition to this view, he asserts that Nestorius was no less dogmatic and uncompromising than Cyril, and that he was clearly just as prepared to use his political and canonical powers as Cyril or any of the other hierarchs of the period.

Nestorius's opponents charged him with detaching Christ's divinity and humanity into two persons existing in one body, thereby denying the reality of the Incarnation. Eusebius, a layman who later became the bishop of the neighbouring Dorylaeum was the first to accuse Nestorius of heresy, but his most forceful opponent was Patriarch Cyril of Alexandria. Cyril argued that Nestorianism split Jesus in half and denied that he was both human and divine.

Cyril appealed to Pope Celestine I, charging Nestorius with heresy. The Pope agreed and gave Cyril his authority to serve a notice to Nestorius to recant his views within ten days or else be excommunicated. Before acting on the Pope's commission, Cyril convened a synod of Egyptian bishops which condemned Nestorius as well. Cyril then sent four suffragan bishops to deliver both the Pope's commission as well as the synodal letter of the Egyptian bishops. Cyril sent a letter to Nestorius known as "The Third Epistle of Saint Cyril to Nestorius." This epistle drew heavily on the established Patristic Constitutions and contained the most famous article of Alexandrian Orthodoxy: "The Twelve Anathemas of Saint Cyril." In these anathemas, Cyril excommunicated anyone who followed the teachings of Nestorius. For example, "Anyone who dares to deny the Holy Virgin the title Theotokos is Anathema!" Nestorius however, still would not repent. McGuckin points out that other representatives of the Antiochene tradition such as John of Antioch, Theodoret and Andrew of Samosata were able to recognize "the point of the argument for Christ's integrity" and concede the "ill-advised nature of Nestorius' immoveability." Concerned at the potential for a negative result at a council, they urged Nestorius to yield and accept the use of the title Theotokos when referring to the Virgin Mary.

For example, John of Antioch wrote to Nestorius urging him to submit to the Pope's judgment and cease stirring up controversy over a word that he disliked (Theotokos) but which could be interpreted as having an orthodox meaning especially in light of the fact that many saints and doctors of the church had sanctioned the word by using it themselves. John wrote to Nestorius, "Don't lose your head. Ten days! It will not take you twenty-four hours to give the needed answer.... Ask advice of men you can trust. Ask them to tell you the facts, not just what they think will please you.... You have the whole of the East against you, as well as Egypt." Despite this advice from his colleagues, Nestorius persisted in maintaining the rightness of his position.

Convocation
On 19 November, Nestorius, anticipating the ultimatum which was about to be delivered, convinced Emperor Theodosius II to summon a general council through which Nestorius hoped to convict Cyril of heresy and thereby vindicate his own teachings. Theodosius issued a Sacra calling for the metropolitan bishops to assemble in the city of Ephesus, which was a special seat for the veneration of Mary, where the theotokos formula was popular. Each bishop was to bring only his more eminent suffragans. The date set by the Emperor for the opening of the council was Pentecost (7 June) 431.

McGuckin notes that the vagueness of the Sacra resulted in wide variations of interpretation by different bishops. In particular, the vastness of John of Antioch's ecclesiastical territory required a lengthy period to notify and gather his delegates. Because the overland trip from Antioch to Ephesus was long and arduous, John composed his delegation of his metropolitan bishops who were restricted to bring no more than two suffragans each. By doing so, he minimized the number who would have to travel to Ephesus. Neither of the emperors attended the council. Theodosius appointed Count Candidian as the head of the imperial palace guard to represent him, to supervise the proceedings of the Council, and to keep good order in the city of Ephesus. Despite Nestorius' agenda of prosecuting Cyril, Theodosius intended for the council to focus strictly on the christological controversy. He thus gave Candidianus strict directions to remain neutral and not to interfere in the theological proceedings. It is generally assumed that Candidian initially maintained his neutrality as instructed by the emperor and only gradually became more biased towards Nestorius. McGuckin, however, suggests that Candidian may have favored Nestorius from the start.

Assembly
Celestine sent Arcadius and Projectus, to represent himself and his Roman council; in addition, he sent the Roman priest, Philip, as his personal representative. Cyril Patriarch of Alexandria was president of the council. Celestine had directed the papal legates not to take part in the discussions, but to give judgment on them.

Bishops arrived in Ephesus over a period of several weeks. While waiting for the other bishops to arrive, they engaged in informal discussions characterized as tending to "exasperate rather than heal their differences". The metropolitan of Ephesus, Memnon, was already present with his 52 bishops. Nestorius and his 16 bishops were the first to arrive shortly after Easter. As archbishop of the imperial city of Constantinople, he traveled with a detachment of troops who were under the command of Count Candidian. McGuckin notes that the troops were not there to serve as Nestorius' bodyguard but to support Candidian in his role as the emperor's representative. However, McGuckin theorizes that Candidian's progressive abandonment of neutrality in favor of Nestorius may have created the perception that Candidian's troops were, in fact, there to support Nestorius. Candidian ordered all monks and lay strangers to leave the city; he further instructed the bishops not to leave on any pretext until the council was concluded. Several sources comment that the purpose of this injunction was to prevent bishops from leaving the council to appeal to the emperor directly.

According to McGuckin, Memnon, as bishop of Ephesus, commanded the "fervent and unquestioned loyalty" of the local populace and thus could count on the support of local factions to counterbalance the military might of Candidian's troops. In view of the verdict of Rome against Nestorius, Memnon refused to have communion with Nestorius, closing the churches of Ephesus to him.

Cyril brought with him 50 bishops, arriving only a few days before Pentecost. There were very few bishops representing the West, as the papal representatives would not arrive until July. The Palestinian delegation of 16 bishops and Metropolitan Flavian of Philippi arrived 5 days after the date that had been set for opening the council, and aligned themselves with Cyril.

At this point, Cyril announced his intention to open the council; however, Candidian enjoined him from doing so on the grounds that the Roman and Antiochean delegations had not arrived yet. Cyril initially acceded to Candidian's injunction knowing that he could not legally convene a council without the official reading of the Emperor's Sacra.

A number of bishops, who were undecided between Nestorius and Cyril, did not want to give Cyril, as one party in the dispute, the right to chair the meeting and decide the agenda; however, they began to take Cyril's side for various reasons.

Various circumstances including a detour necessitated by flooding as well as sickness and death of some of the delegates seriously delayed John of Antioch and his bishops. It was rumored that John might be delaying his arrival in order to avoid participating in a council which was likely to condemn Nestorius as a heretic.

First session – 22 June 431
Two weeks after the date set for the council, John and the bulk of his Syrian group (42 members) had not yet appeared. At this point, Cyril formally opened the council on Monday, 22 June by enthroning the Gospels in the centre of the church, as a symbol of Christ's presence among the assembled bishops.

Despite three separate summons, Nestorius refused to acknowledge Cyril's authority to stand in judgment of him and considered the opening of the council before the arrival of the Antiochene contingent as a "flagrant injustice". The 68 bishops who opposed opening the council entered the church in protest, arriving with Count Candidian who declared that the assembly was illegal and must disperse. He urged Cyril to wait four more days for the Syrian delegation to arrive. However, since even the bishops opposed to opening the council were now present, Cyril maneuvered Candidian by means of a ruse to read out the text of the Emperor's decree of convocation, which the assembly then acclaimed as recognition of its own legality.

Arrival of the Antiochene delegation
When John of Antioch and his Syrian bishops finally reached Ephesus five days after the council, they met with Candidian who informed them that Cyril had begun a council without them and had ratified Celestine's conviction of Nestorius as a heretic. Angered at having undertaken such a long and arduous journey only to have been pre-empted by actions taken by Cyril's council, John and the Syrian bishops held their own Council with Candidian presiding. This council condemned Cyril for espousing the Arian, Apollinarian and Eunomian heresies and condemned Memnon for inciting violence. The bishops at this council deposed both Cyril and Memnon. Initially, the emperor concurred with the actions of John's council but eventually withdrew his concurrence.

Second Session – 10 July 431
The second session was held in Memnon's episcopal residence. Philip, as papal legate, opened the proceedings by commenting that the present question regarding Nestorius had already been decided by Pope Celestine as evidenced by his letter, which had been read to the assembled bishops in the first session. He indicated that he had a second letter from Celestine which was read to the bishops now in attendance. The letter contained a general exhortation to the council, and concluded by saying that the legates had instructions to carry out what the pope had decided on the question and expressed Celestine's confidence that the council would agree. The bishops indicated their approval by acclaiming Celestine and Cyril. Projectus indicated that the papal letter enjoined the council to put into effect the sentence pronounced by Celestine. Firmus, the Exarch of Caesarea in Cappadocia, responded that the pope's sentence had already been carried out in the first session. The session closed with the reading of the pope's letter to the emperor.

Third Session – 11 July 431
Having read the Acts of the first session, the papal legates indicated that all that was required was that the council's condemnation of Nestorius be formally read in their presence. When this had been done, the three legates each confirmed the council's actions, signing the Acts of all three sessions. The council sent a letter to Theodosius indicating that the condemnation of Nestorius had been agreed upon not only by the bishops of the East meeting in Ephesus but also of the bishops of the West who had convened at a synod in Rome convened by Celestine. The bishops asked Theodosius to allow them to go home since so many of them suffered from their presence at Ephesus.

Fourth Session – 16 July 431
At the fourth session, Cyril and Memnon presented a formal protest against John of Antioch for convening a separate conciliabulum. The council issued   a summons for him to appear before them, but he would not even receive the envoys who were sent to serve him the summons.

Fifth Session – 17 July 431
Next day the fifth session was held in the same church. John had set up a placard in the city accusing the synod of the Apollinarian heresy. He was again cited, and this was counted as the third canonical summons. He paid no attention. In consequence the council suspended and excommunicated him, together with thirty-four bishops of his party, but refrained from deposing them. Some of John's party had already deserted him, and he had gained only a few. In the letters to the emperor and the pope which were then dispatched, the synod described itself as now consisting of 210 bishops. The long letter to Celestine gave a full account of the council, and mentioned that the pope's decrees against the Pelagians had been read and confirmed.

Sixth Session – 22 July 431
At this session, the bishops approved Canon 7 which condemned any departure from the creed established by the First Council of Nicaea, in particular an exposition by the priest Charisius. According to a report from Cyril to Celestine, Juvenal of Jerusalem tried and failed to create for himself a patriarchate from the territory of the Antiochene patriarchate in which his see lay. He ultimately succeeded in this goal twenty years later at the Council of Chalcedon.

Seventh Session – 31 July 431
At this session, the council approved the claim of the bishops of Cyprus that their see had been anciently and rightly exempt from the jurisdiction of Antioch. The council also passed five canons condemning Nestorius and Caelestius and their followers as heretics and a sixth one decreeing deposition from clerical office or excommunication for those who did not accept the Council's decrees.

Canons and declarations
Eight canons were passed:
 * Canon 1–5 condemned Nestorius and Caelestius and their followers as heretics
 * Canon 6 decreed deposition from clerical office or excommunication for those who did not accept the Council's decrees
 * Canon 7 condemned any departure from the creed established by the First Council of Nicaea (325), in particular an exposition by the priest Charisius.
 * Canon 8 condemned interference by the Bishop of Antioch in affairs of the Church in Cyprus and decreed generally, that no bishop was to "assume control of any province which has not heretofore, from the very beginning, been under his own hand or that of his predecessors […] lest the Canons of the Fathers be transgressed".

The Council denounced Nestorius' teaching as erroneous and decreed that Jesus was one person (hypostasis), and not two separate persons, yet possessing both a human and divine nature. The Virgin Mary was to be called Theotokos, a Greek word that means "God-bearer" (the one who gave birth to God).

The Council declared it "unlawful for any man to bring forward, or to write, or to compose a different (ἑτέραν) Faith as a rival to that established by the holy Fathers assembled with the Holy Ghost in Nicæa". It quoted the Nicene Creed as adopted by the First Council of Nicaea in 325, not as added to and modified by the First Council of Constantinople in 381.

Although some scholars, such as Norman Cohn and Peter Toon, have suggested that the Council of Ephesus rejected premillennialism, this is a misconception, and there is no evidence of the Council making any such declaration.

Confirmation of the Council's acts
The bishops at Cyril's council outnumbered those at John of Antioch's council by nearly four to one. In addition, they had the agreement of the papal legates and the support of the population of Ephesus who supported their bishop, Memnon.

However, Count Candidian and his troops supported Nestorius as did Count Irenaeus. The emperor had always been a firm supporter of Nestorius, but had been somewhat shaken by the reports of the council. Cyril's group was unable to communicate with the emperor because of interference from supporters of Nestorius both at Constantinople and at Ephesus. Ultimately, a messenger disguised as a beggar was able to carry a letter to Constantinople by hiding it in a hollow cane.

Although Emperor Theodosius had long been a staunch supporter of Nestorius, his loyalty seems to have been shaken by the reports from Cyril's council and caused him to arrive at the extraordinary decision to ratify the depositions decreed by both councils. Thus, he declared that Cyril, Memnon, and John were all deposed. Memnon and Cyril were kept in close confinement. But in spite of all the efforts of the Antiochene party, the representatives of the envoys whom the council was eventually allowed to send, with the legate Philip, to the Court, persuaded the emperor to accept Cyril's council as the true one. Seeing the writing on the wall and anticipating his fate, Nestorius requested permission to retire to his former monastery. The synod was dissolved in the beginning of October, and Cyril arrived amid much joy at Alexandria on 30 October. Pope Celestine had died on 27 July but his successor, Sixtus III, gave papal confirmation to the council's actions.

Aftermath
The events created a major schism between the followers of the different versions of the council, which was only mended by difficult negotiations. The factions that supported John of Antioch acquiesced in the condemnation of Nestorius and, after additional clarifications, accepted the decisions of Cyril's council. However, the rift would open again during the debates leading up to the Council of Chalcedon.

Persia had long been home to a Christian community that had been persecuted by the Zoroastrian majority, which had accused it of Roman leanings. In 424, the Persian Church declared itself independent of the Byzantine and all other churches, in order to ward off allegations of foreign allegiance. Following the Nestorian Schism, the Persian Church increasingly aligned itself with the Nestorians, a measure encouraged by the Zoroastrian ruling class. The Persian Church became increasingly Nestorian in doctrine over the next decades, furthering the divide between Christianity in Persia and in the Roman Empire. In 486 the Metropolitan of Nisibis, Barsauma, publicly accepted Nestorius' mentor, Theodore of Mopsuestia, as a spiritual authority. In 489 when the School of Edessa in Mesopotamia was closed by Byzantine Emperor Zeno for its Nestorian teachings, the school relocated to its original home of Nisibis, becoming again the School of Nisibis, leading to a wave of Nestorian immigration into Persia. The Persian patriarch Mar Babai I (497–502) reiterated and expanded upon the church's esteem for Theodore, solidifying the church's adoption of Nestorianism.

Conciliation
In 1994, the Common Christological Declaration between the Catholic Church and the Assyrian Church of the East marked the resolution of a dispute between those two churches that had existed since the Council of Ephesus. They expressed their common understanding of doctrine concerning the divinity and humanity of Christ, and recognized the legitimacy and rightness of their respective descriptions of Mary as, on the Assyrian side, "the Mother of Christ our God and Saviour", and, on the Catholic side, as "the Mother of God" and also as "the Mother of Christ".

title: Council of Ephesus