Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
What Happened?
On May 23, 2002, Netflix, Inc. went public.
Where the Market Was
The Dow finished the day at 10,216.08. The S&P 500 traded at 1,097.08.
What Else Was Going on in the World?
In 2002, U.S. Airways filed for bankruptcy after its business took a major hit following the September 11 terrorist attacks. Kmart Corp., which is now owned by Sears Holdings Corp. became the largest U.S. retail company to ever file for bankruptcy. The average American income was $42,409.
The Netflix IPO
Netflix has unquestionably been one of the biggest success stories of the 21st century, and the company’s life on the public markets began humbly in May of 2002….