Black Friday


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Black Friday

A precipitous drop in a financial market . The original Black Friday occurred on September 24, 1869, when prospectors attempted to corner the gold market.

Black Friday

1. In the United States, the day after Thanksgiving. Black Friday is considered the first day of the Christmas shopping season each year. It is noted for discounts and special offers on retail goods. Some retailers open at midnight to create an air of importance for the day and thus maximize shopping hours. It is one of the busiest shopping days of the year.

2. In the United Kingdom, the last Friday before Christmas. It is the most common day for office Christmas parties and, as such, is one of the busiest days of the year for restaurants, pubs and catering companies.

3. September 24, 1869. On this day, the United States gold market fell precipitously following a price manipulation by James Fisk and Jay Gould. During the Civil War a few years before, American money was backed by the full faith and credit of the United States, but not by a commodity like gold or silver. Following the War, the federal government began buying back this currency with gold and then using the currency to redeem government bonds; this stabilized the currency but caused the price of gold to drop to its lowest level in years. Fisk and Gould took advantage of this and began buying gold, which caused the price to increase. In the process, they attempted to convince U.S. President Ulysses Grant to limit the release of gold, which drove the price even higher. The conspiracy came to a head on Black Friday when Treasury Secretary George Boutwell realized what was happening and released a large amount of government-owned gold. This caused the price to crash.

Black Friday

A widely used reference to September 24, 1869, the date on which stock market operator Jay Gould nearly cornered the gold market. Although eventually broken by government selling of the metal, the corner resulted in massive failures on Wall Street. Gould made considerable profits on the manipulation, but his brokers declared bankruptcy.
References in periodicals archive ?
"This year, amidst all of the other challenges facing retail, the drop in footfall of -3.1% in November was the largest of any November since 2014; and in the week of Black Friday itself footfall declined by -4.5%, more than in any week of the month.
A report out has show than more than two fifths of Britons are planning to spend in the Black Friday sales today.
New Mersey Retail Park Nearly all retailers based at New Mersey Retail Park, in Speke, are taking part in Black Friday this year.
You can already find savings on their websiteherebut Black Friday coupons will be available from 23 November at 9:00am.
A trader dealing in garments business at Bank Road Rawalpindi Sadr said that for Western trends and days like Black Friday and Valentine Day become popular in Pakistan for past few years and the business community here are taking advantage of it as it used to give boost to their sales.
This event is called Black Friday Weekend, which leads to Cyber Monday, and Boots has confirmed they will be offering deals similar to last year's Black Friday.
"The FGRT team was impressed by the quality of in-store customer service we saw across retailers; service seemed significantly better than on Black Friday last year," the report stated.
Having started way back in 1952, Black Friday marks the shopping season for Christmas in the United States.
Looking just at spending reports for Black Friday and the weekend (including spending on Friday, Saturday and Sunday), Gallup also finds overall consumer spending relatively flat compared with 2016.
Leon Collins Black Friday used to be where the stores dig out their oldest and most unwanted stock and offered real bargains.
In the wake of shopping frenzy under the 'Black Friday' banner throughout Pakistan, the Islamabad High Court (IHC) has been moved to ban the discount sale festival for being 'contrary to Islamic teachings'.