Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
What Happened? On this day in 2011, Steve Jobs stepped down as CEO of Apple, Inc. (NASDAQ:AAPL).
Where The Market Was: The Dow Jones Industrial Average closed at 11,320.71 and the S&P 500 traded at 1,177.60.
What Else Was Going On In The World? In 2011, the U.S. military officially repealed its “Don’t Ask, Don’t Tell” policy against open homosexuality. The Occupy Wall Street movement took to the streets in New York to protest income inequality. The average cost of a new house was $262,260.
The End Of The Jobs Era: Visionary tech icon Steve Jobs co-founded Apple in 1976 and had a highly successful and tumultuous career in the tech world. Jobs originally stepped down as chairman of Apple in September 1985, saying at the time that he needed to “get on with my life.”
After more than a decade of success in other ventures, including Pixar, Jobs returned to Apple in 1996, becoming interim CEO shortly thereafter. Apple dropped the “interim” title in January of 2000. From that point until the time Jobs stepped down in 2011, Apple stock gained an incredible 1,407%.
At the time of his departure, Jobs strongly recommended the board choose Tim Cook as his replacement. Jobs passed away less than two months later due to pancreatic cancer, but Cook has carried on Jobs’ legacy, leading Apple to become the first $2 trillion public company earlier this month.
Photo credit: Matthew Yohe - Own work, Wikimedia Commons