This Day In Market History: The Department Of Homeland Security Is Established

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

What Happened: On this day in 2001, U.S. President George W. Bush announced the establishment of the Department of Homeland Security.

Where The Market Was: The Dow closed around 10,021.57 and the S&P 500 traded around 1,076.59.

What Else Was Going On In The World: In October 2001, Apple Inc. AAPL released the first iPod. This original model sold for $399 and featured a mechanical scroll wheel.

Heightened U.S. Security: Following the terrorist attacks of Sept. 11, 2001, Bush established the federal agency with the aim of better combating the threat of terrorism.

According to Homeland Security's website, the purpose of the department is “to secure the nation from the many threats we face. This requires the dedication of more than 240,000 employees in jobs that range from aviation and border security to emergency response, from cybersecurity analyst to chemical facility inspector. Our duties are wide-ranging, and our goal is clear — keeping America safe.”

As the third-largest department in the U.S. government, components include Customs and Border Protection, Immigration and Customs Enforcement, the Coast Guard, TSA and many others.

Related Link: How Transportation, Security Changed After 9/11

White House photo via Wikimedia.