Why do people clap every day at the close of the bell at the NYSE? They even clap when the market tanks and they lose all their money, is it some sort of custom?
- Bump *
I’m curious about the answer.
“I’ve been here since this morning, standing on my feet, yelling at the top of my lungs. Now I can go home!”
there must be some, more applausible, explanation…
Ringing the closing bell is kind of an honor thing I think. They probably only show the famous ones like Martha Stuart or Barney and don’t show the other people who ring it. So I’m guessing that’s it. They bring in somebody to honor, (s)he rings the bell, everybody claps.
Plus just because the market tanks doesn’t mean these guys have lost money.
I thought they only have Famous People ring the opening bell.
No, they ring the closing bell. Here’s a story about Superintendent Lt. Gen. William J. Lennox Jr. ringing the bell.
Anyway that’s my guess why they clap.
It seems as though they ring at both opening and closing bells. But closing is the one we see more of.
neat link, Osiris, answered some questions. So they are clapping for the flavor of the day ringing the bell, if i am reading the article correctly.
Bear in mind (no pun intended) that the stock market is basically a zero-sum game. Even when the market as a whole tanks, there are about as many making profits as losses. If I’d sold a thousand shares of stock right after opening for $90 a share, and bought them back right before closing at $50 a share, I’d be applauding my $40,000 single-day profit wholeheartedly, thank you very much.
That’s my hypothesis Tars. Quite plausible I think.