Each day, Benzinga takes a look back at a notable market-related moment that happened on this date.
What Happened?
On Jan. 10, 1870, John D. Rockefeller, Sr. founded the Standard Oil Company.Where Was the Market?
Neither the S&P 500 nor the Dow Jones Industrial Average was around yet.What Else Was Going On in the World?
In 1870, the U.S. Congress created the Department of Justice, and William Lions of Connecticut invented the can opener. An average work horse cost $150.An Iconic Industrial Giant Is Born
At the time of its founding, Standard Oil was the largest oil company in the world.Rockefeller initially owned a 26.6 percent stake in the company, which was founded with $1 million in capital. At the time, Standard Oil accounted for 10 percent of total U.S. oil refining, but it grew rapidly vial mergers and acquisitions. Rockefeller undercut the prices of competitors by working out deals with transportation companies.
