Benzinga | Oct 4, 2021 10:05AM EDT

This Day In Market History: Sputnik Is Launched

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

What Happened: On this day in 1957, the USSR launched Sputnik I, the first artificial Earth satellite.

Where Was The Market: The Dow closed around 496.03 and the S&P 500 traded at 41.24.

The 'Space Age' Begins" The Soviet Union became the first key player in the race to space with Sputnik's launch in 1957. Equipped with binoculars and an array of communication devices, Sputnik transmitted radio signals back to earth that were successfully picked up by radio operators. To combat the advancements, the U.S. began to develop their own satellite, commencing the "space race."

The U.S. launched the Explorer in 1958.

Despite the Soviet Union's lead in the late 1950s, the U.S. made giant leaps into space exploration with the successful Apollo lunar-landing program in 1969.

Today, companies like SpaceX, Blue Origin and Virgin Galactic (NASDAQ:SPCE) are in the development of innovative spacecrafts and rockets.

A Sputnik I replica at the National Air and Space Museum. Public domain photo from NASA.