Which U.S. exchange closed for four months after the 1914 outbreak of World War I caused severe financial-market turmoil?

The New York Stock Exchange closed for four months after the 1914 outbreak of World War I caused severe financial-market turmoil.

Trading on the New York Stock Exchange was suspended on July 31, 1914, as governments and investors feared a wave of panic selling, capital flight, and the liquidation of securities held by European investors. The closure lasted until December 12, 1914, making it one of the most dramatic interruptions in the exchange’s history.

When the exchange reopened, prices initially fell sharply, but the market soon benefited from demand for U.S. exports and war-related production. The United States’ position as a major creditor and supplier strengthened during the war, while European financial systems faced extraordinary strain.

This event is sometimes described as a market crash, although it was also a deliberate emergency shutdown intended to prevent disorderly trading. It differs from later crashes such as 1929 and 1987, which occurred while regular exchange operations continued. The episode also helped establish New York’s growing importance in international finance.