This Day In Market History: English Channel Tunnel Connects France To England

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

What Happened? On May 6, 1994, the English Channel tunnel opened to streamline rail transfers between England and the Continent.

Where Was The Market? The S&P 500 traded around 447.82, and the Dow Jones Industrial Average closed around 3,669.50.

What Else Was Going On In The World? On the same day, Nelson Mandela was confirmed the winner of South Africa’s post-apartheid election, and the U.S. House of Representatives passed the Federal Assault Weapons Ban.

English Finally Rejoins The Mainland: England’s Queen Elizabeth II and French President Francois Mitterrand formally opened the 31-mile rail tunnel joining Folkstone, England, to Sangatte, France. The world’s longest underwater tunnel became the first path since the Ice Age to connect England to continental Europe.

The route ferried travelers to and from the island in just 35 minutes and reduced the travel time between London and Paris to two and a half hours. Now, about 30,000 people, 6,500 cars and 3,500 trucks traverse the passage every day.

The tunnel has contributed greatly to England’s economy. The $16 billion project employed 15,000 people at the height of construction, and after its opening, it bolstered trade, tourism and private investment.

A 2016 study by Ernst and Young estimated £91.4 billion in goods runs through the passage each year. That’s about a quarter of the goods traded between the U.K. and the European Union.