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- On his day in 1902, Attorney General Philander Knox picked up the torch of President Theodore Roosevelt's newly minted battle against "Big Business," and filed an anti-trust suit against J. P. Morgan
's Northern Securities Company. The ensuing court case revolved around whether or not Northern Securities, a New Jersey-based holding concern for Morgan's sizable western railroad business, violated the Sherman Anti-Trust Act. In early 1904, the Supreme Court ruled against Northern Securities, handing Roosevelt and Knox a high-profile victory in their war on trusts. Thanks to the Northern Securities case, as well as his role in the stunning breakup of the Standard Oil combine in 1907, the president's reputation as a "trustbuster" grew particularly prodigious. However, Roosevelt's critics are quick to point out that he was less focused on taming the magnitude of business than on simply asserting the federal government's right to regulate corporate America. Moreover, some derided the president's "crusade" as an elaborate and popular bit of political theater that did little to curb the rise of over-sized business combines.
- NASDAQ introduces an exchange-traded fund, the NASDAQ-100 Index Tracking Stock. Functioning like a mutual fund but trading like a stock, the units hold shares in each of the stocks in the technology-heavy NASDAQ 100 index. The QQQs (or "Qubes") shares close the first trading day at $51.062. Exactly a year later, they’ve gained 124.2%. But by the same time in 2001, all their gains have evaporated and they trade at $45.10.