This Day In Market History: Treaty Of Rome Begins Europe's Economic Integration

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

What Happened? On March 25, 1957, six European states signed the Treaty of Rome to establish the European Economic Community (EEC), or the Common Market.

Where The Market Was: The S&P 500 traded at 43.88, while the Dow Jones Industrial Average traded around 4,478.

What Else Was Going On In The World: Earlier that month, the S&P 500 replaced the S&P 90, Israeli troops left Egypt, and the U.S. Army sold its last homing pigeon.

European Economy Integrates: The European economy as it's known today began with an agreement among France, West Germany, Italy, the Netherlands, Belgium and Luxembourg.

Fearful of the rising economic powers of the U.S. and Soviet Union as well as the prospect of another war, European leaders determined to eliminate trade barriers. They formally organized the EEC in January 1958.

The process began in 1951 when France and West Germany combined their coal and steel industries into the European Coal and Steel Community (ECSC). The entity was overseen by a single executive authority, council of ministers, advisory assembly and dispute-seeling court of justice. Italy, the Netherlands, Luxembourg and Belgium soon joined.

With the later development of the Rome Treaty, the nations expanded their common trade policies to include transportation and agriculture. Labor and capital were soon added.

A council of ministers, representative assembly and court of justice regulated the EEC, ECSC and the simultaneously founded European Atomic Energy Community. The bodies merged as the European Community in 1967 and served as the basis for the European Union established in 1993.

Photograph of the signing ceremony for the Treaty of Rome in 1957.