This Day In Market History: First Nobel Prizes Awarded

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

What Happened: On Dec. 10, 1901, the estate of Swedish inventor Alfred Nobel was awarded the first Nobel Prizes in physics, chemistry, medicine, literature and peace.

Where The Market Was: The S&P 500 traded around 7.95, while the Dow Jones Industrial Average neared 64.32.

What Else Was Going On In The World: The U.S. had just declared Puerto Rico and the Philippines its territory, and President Roosevelt urged Congress to establish the Department of Commerce and Labor.

Nobel Prizes Honor Father Of Dynamite: The first Nobel Prizes were granted five years after the death of their founder — the chemist responsible for dynamite — to honor people who “have conferred the greatest benefit on mankind.” The founder of the Red Cross and discoverer of x-rays were among the first recipients.

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With gold medals and cash prizes of nearly $1.4 million, the awards continue to inspire high academic and industrial achievement that continue to advance the fields of economics, biotech and more.

Celebrated innovations have also profited corporations; recipients have been drawn from the likes of IBM IBM (semiconductors), Texas Instruments Incorporated TXN (integrated circuits) General Electric Company GE (semiconductors) and DowDuPont Inc DWDP (ethers). An officer of the Federal Reserve Bank has also been honored for contributions to macroeconomics.