We know Tiger Woods can slow down the field, but slow down the economy?
Turns out that Monday’s 18-hole playoff for the U.S. Open championship took a toll on Wall Street.
From sports biz guru Darren Rovell at CNBC.COM:
With action starting at noon and finishing past the close, it theoretically slowed down four hours of the trading day. Well, this morning, I got the hard numbers from our number cruncher Ariel Nelson.
Check this out:
Average New York Stock Exchange Volume, between 12-4 pm. (last 30 days): 781.5 million shares traded.
New York Stock Exchange Volume between 12-4 pm (yesterday): 709.9 million shares traded.
That’s a drop in trading on the NYSE of 9.2 percent. In fact, it was the lowest trading day since the Friday and Tuesday that sandwiches Memorial Day weekend.
Tiger makes golf awesome, despite the fact that Rocco Mediate managed to take the phenom to not one, but two playoffs yesterday. For all the complaining some people did about the USGA’s unique 18-hole “overtime” format, the golf was as exciting and as dramatic as any that will be played all year. It was like March Madness in June.
One of the few criticisms of Woods (if you can call it that) is that he has no true rival that challenges him week in and week out (sit down, Mr. Mickelson). But when someone does rise to the occasion against him, the ratings for the event rise as well.
We’re more than willing to blow off a few hours of work to see a bit of history. Apparently, Wall Street feels the same way.