Why they clap at the closing bell on Wall Street |
Last week I hooked back up the Slingbox so that I could follow CNN’s coverage of the financial meltdown. You might have noticed more screencaps I’ve taken from Slingbox output on my computer monitor. Something I’ve noticed at on CNN is they show the closing bell on Wall Street and there are always people clapping. Why do they do this, I’ve been wondering, especially days like today when the DOW ended up down more than 600 points.
What are they applauding? How bad it is? The fact that the day is over? I would think a picture of people crying or hanging their heads would make more sense than a group applauding.
Time to consult the search engines for an answer, which led me to this article from investopedia.com:
Many consider the act of ringing the bells to be quite an honor and a symbol of a lifetime of achievement.
An honor to ring the bell? Seems like that was the case for Joe Gibbs Racing’s Marc Davis. Could it be as simple as applause for the person ringing the bell and not the results of market? The impression a somewhat regular Joe like me has is that this applause is for the market results, but maybe I’m wrong.
If you know why these people are applauding at the closing bell every day, please use the comments/trackback below to explain.
Update 10/15/08 1:02pm PST: Clapping again at the second biggest DOW selloff ever. Weird. My friend from Texas writes: “There’s some people around here that’d clap at a hanging, so clapping for strange stuff doesn’t surprise me anymore.”
Did this post make you go hmm?
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I always believed they were applauding for the person ringing the bell. I got that impression by watching movies.
Comment by JohnnyRS — October 9, 2008 @ 6:59 pm PST
Like I’d want that “honor” lately….. Since I live in S. Fla I’ve decided on plan “B” for my retirement fund…. A metal detector for the beach…
Comment by FranciscoIV — October 10, 2008 @ 3:00 am PST
I have been an employee of the NYSE for quite some time and it is actually TRADITION as to why those on the podium clap at the Opening and Closing of the bell each day. When the marketis not doing well, they tell those up there to not look so excited and clap softly, which is what I noticed on October 9, in which you are referring. I didn’t see too many smiling faces up there, just following tradition.
Comment by Brooklyn, NY — October 11, 2008 @ 3:25 am PST
Brooklyn, thanks for the info. Good to know it’s just tradition and nothing more, especially given the market as of late.
Comment by jennifer — October 12, 2008 @ 4:34 pm PST
Man, they are clapping again today, 10/15/08, at the second biggest DOW drop ever:
Obama and McCain better talk more about the economy than stupid political crap tonight.
Comment by TDavid — October 15, 2008 @ 1:08 pm PST
Nothing bothers me more when watching the market close everyday than those morons that stand up there applauding even when the market falls. It’s tradition? Well, if that’s the case, it’s a DUMB tradition. Why not just ring the bell and call it at that? If the market goes up 800 points, maybe you can think about clapping, but it makes zero sense to clap when the market falls. It’s just like ridiculing those that have just lost their retirement funds. IT’S GAY!
Comment by Kevin — January 14, 2009 @ 12:29 pm PST
I agree this is an absurd tradition !!!! WHAT KIND OF MORON WOULD CLAP WHEN THE MARKETS IS LOSING MONEY !!! This is another one of those traditions that these old croonies on wallstreet need to change. Why clap while people are losing there retirement or thier jobs or maybe even their house !!!! I dont care if they are clapping because some one is ringing a bell or if some angel just got thier wings (Watch its a wonderful life) IT IS JUST PLAIN STUPID. Makes me wonder if these people on wallstreet have any sense at all !!!
Comment by Shawn — January 15, 2009 @ 4:58 am PST
I’m a trader with good and bad days. I make money even on those sell off days and sometimes loose money on good days, it all depends. I am happy to trade every day no matter what the market is doing, I always still do my best. Just because the market is selling off doesn’t mean that everyone is losing or every stock lost. Most do, but up and down days are to be expected in the markets. Also, after every recession/depression, there is always an up turn, investors know this and most of us hang in there one way or another. This crash was way more than most can handle, and it sucks at the time, but life does go on like i said most of us realize this. But, yes it is tradition and they are respectful on the very bad days. I want to someday go to the markets and be there during a closing bell, it would mean allot to me. Everyone is different this is a market thing for market people and business.
Comment by Tina — May 13, 2009 @ 7:21 am PST
I love the closing bell! It’s the end of the working day for me and that’s something to clap about!
Comment by Tina — May 13, 2009 @ 7:25 am PST