Benzinga | Apr 29, 2021 09:20AM EDT

This Day In Market History: LA Riots Protest Police Brutality

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

What Happened? On April 29, 1992, Los Angeles erupted in riots after police officers were acquitted of the Rodney King beating.

Where Was The Market? The S&P 500 traded around 412.02, while the Dow Jones Industrial Average closed at 3,333.20.

What Else Was Going On In The World? McDonald's Corp (NYSE:MCD) had just opened its first restaurant in China, and the British House of Commons had just elected its first woman Speaker.

Riots Break Out Over Police Brutality On March 3, 1991, an unarmed, intoxicated King surrendered to police after a high-speed chase through L.A. County. Four officers beat King with boots and batons after he resisted arrest.

A video of the beating drew national attention and sparked debate on police brutality.

The officers were tried for excessive use of force and assault with a deadly weapon, but they were acquitted of any crime except for one assault charge on a single officer.

The verdict inspired widespread protests. Rioters blocked freeways, beat drivers, looted and destroyed stores, started more than 100 fires, and left more than a dozen dead and hundreds injured. The governor dispatched the National Guard and instituted a curfew to calm the scene.

The rioting continued, and on May 1, President George Bush ordered troops and federal officers to defuse the protests. Peace came the next day, but by that point, more than 60 people had been killed and 2,000 injured. The city faced nearly $1 billion in property damage and began processing 7,000 arrests.

Two of the officers served a prison sentence on federal charges of unreasonable use of force.