Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
On this day 42 years ago, Apple, Inc. (NASDAQ: AAPL) released the Apple 1 computer.
Where The Market Was
The Dow finished the day at 968.28. The S&P 500 finished at 100.35. Today, the Dow is trading at 26,157 and the S&P 500 is trading at 2,888.
What Else Was Going On In The World?
In 1976, the classic boxing movie “Rocky” was a blockbuster hit and NASA unveiled the first-ever space shuttle, the Enterprise. The average American’s annual income was $16,000.
Apple’s First Hardware
Steve Jobs and Steve Wozniak cofounded Apple in early 1976 and began designing computers by hand that would be easy-to-use at home or in the office. These devices would later be known as “personal computers,” or PCs.
The Apple 1 was the first product Jobs and Wozniak came up with. Jobs reportedly convinced Wozniak to start the price of the Apple 1 at $666.66.
Within roughly four years, Apple held its initial public offering in July 1980, raising more capital than any other IPO since Ford Motor Company (NYSE: F)’s in 1956.
Jobs left Apple in 1985 due to creative differences with the rest of the management team, and Apple’s sales and stock price started to skid in the 1990s. Jobs returned in 1996, and five years later Apple rekindled its business with the launch of the hugely successful iPod. In 2007, Apple launched the iPhone, one of the most successful products of any kind in the history of the business world.
Today, Apple is the largest public company globally, with a market capitalization of $879 billion.
Photo by Cynde Moya/Wikimedia.
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