Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened On March 4, 1957, the Standard & Poors launched the S&P 500 index. Where the Market Was The Dow closed at 471.48 and the S&P 500 traded at 44.06. What Else Was Going On in the World In 1957, the Soviet Union launched Sputnik 1, the first ever space satellite. Toy company Wham-O released the Frisbee in the U.S. market. The average price of a new car was $2,749. S&P 500 Born S&P launched its first stock index way back in 1923, but its S&P 500 index launched in 1957 has become the gold standard of U.S. stock indices. The S&P 500 is an index comprised of the largest 500 U.S. equities, and it’s calculated based on a free-floating market-cap-weighted formula. “I would say it’s the primary index,” TD Ameritrade chief market strategist …