Each day, Benzinga takes a look back at a notable market-related moment that happened on this date.
Where Was The Market
The S&P 500 closed at 1,412.11, while the Dow Jones Industrial Average closed at 12,416.60.
What Else Was Going On In The World
Beyonce’s “Irreplaceable” topped Billboard charts and iPod playlists, and “The Departed” was getting ready to take the Academy Awards’ Best Picture.
The Way We Chat Is Changed Forever
Priced as high as $599, the first iPhone allowed users to play music, browse the internet and send email, all while retaining the basic call and text functions of clunky competitors. It linked wirelessly to speakers, had a smooth, keyboardless surface and boasted a 2-megapixel camera.
At the time, it competed with the likes of Motorola’s Q, Research in Motion Ltd.’s BlackBerry Pearl and Palm Inc.’s Treo 750.
Apple’s stock peaked 8.3% on the reveal, while competitors RIM and Palm, the latter of which became BlackBerry Ltd (NYSE: BB) and the former subsumed by Hewlett Packard Enterprise Co (NYSE: HPE), plunged 7.9% and 5.7%, respectively.
Since the release, Apple has risen from a $12 stock to a $300 stock.