This Day in Market History: The Dissolution of the Soviet Union

Ukrainian President Leonid Kravchuk (L), Belarus's Supreme Soviet Chairman Stanislav Shushkevich (C), and Russian President Boris Yeltsin (R) stand for applause after signing a mutual assistance agreement stating that "the Soviet Union as a geopolitical reality [and] a subject of international law has ceased to exist" on Dec. 8, on 1991. Novosti/AFP via Getty Images

Each day, Benzinga will take a look back at a notable market-related moment that happened on this date.

What Happened?

On Dec. 8, 1991, the Soviet Union, America’s Cold War rivals for decades, officially dissolved.

Where Was the Market?

The S&P 500 closed the previous week at 379.10, and the Dow closed at 2,886.40.

What Else Was Going On in the World?

U.S. minimum wage was just $4.25 per hour, and the top song of the year was “(Everything I Do) I Do It For You” by Bryan Adams.

The End of the Cold War

By the time the USSR. officially dissolved in 1991, the writing had been on the wall for years.

The Berlin Wall fell in 1989 amid revolutions throughout the Soviet Union and Eastern Europe. The Soviet Communist party tried one last power grab by launching a failed coup against Soviet president Mikhail Gorbachev in August 1991. However, the coup failed thanks to forces led by Russian president Boris Yeltsin.