This Day In Market History: UN Partitions Palestine For Independent Jewish State

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.

What Happened

On Nov. 29, 1947, the United Nations voted to partition Palestine to establish a Jewish state.

Where The Market Was

The S&P 500 traded near $15.03, and the Dow Jones Industrial Average traded around $1,957.80.

What Else Was Going On In The World

NBC’s “Meet the Press” had debuted earlier that month, and Hollywood had instituted a blacklist denying employment to suspected Communists.

State Of Israel Is Born

Arab and Jewish settlers in the British-controlled territory had fought for the land since 1929. At the end of World War II, the U.S. advocated for the Zionist movement, and the U.N. soon voted to allocate more than half of the disputed land to the Jewish community, which declared Israel a state six months later.

Since that initial vote, Nov. 29 has brought incremental UN support for the Palestinian cause. In 1978, it began to observe an annual International Day of Solidarity with Palestinian People, and in 2012, the U.N. voted to change Palestine’s status from “observer” to “observer state.”

Meanwhile, Israel continues to strengthen its position as a leader in the tech and financial industries, with particular prowess in fintech. The nation also boasts a number of trendy investment opportunities, including Teva Pharmaceutical Industries Ltd ADR (NYSE: TEVA).

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