Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
What Happened?
On May 31, 2007, Wachovia bought A.G. Edwards for $6.8 billion.
Where the Market Was
The Dow closed at 13,627.64. The S&P 500 traded at around 1,530.62.
What Else Was Going on in the World?
In 2007, Apple, Inc. debuted the iPhone. Major League Baseball published the Mitchell Report, a detailed account of the rampant use of anabolic steroids and human growth hormones among professional baseball players. A gallon of gasoline cost $3.38.
Financial Crisis Craziness Begins
In May of 2007, Wachovia and A.G. Edwards combined to form a financial services company that managed $1.1 trillion in assets at the time. The combined company was the second-largest U.S. retail brokerage firm….