Why do they applaud at close of trading? (brokers, commissions, market)

[Garethe]

Just curious because they didn't always do that, for a long time it was a lone black lady standing there with a scowl on her face.

[CaptainNJ]

they are happy that they managed to survive another day in manhattan without a bomb going off.

Obama says he's more worried about the possibility of

[celcius]

Because it is always a good day for them.

Floor brokers are paid on spreads and commissions -- so whether the market goes up or down, they make money. Even when volume is low, the spreads are wider to compensate.

Their only bad days are when technical difficulties halt trading.

[mathjak107]

because they took more of our money

[TuborgP]

Originally Posted by mathjak107

because they took more of our money

You seem to be doing ok.

[ambient]

Originally Posted by Garethe

Just curious because they didn't always do that, for a long time it was a lone black lady standing there with a scowl on her face.

Because they just made more than you will see in ten years and are about to go buy bigger yachts.

[harpoonalt]

Because they survived another day without having a heart attack due to stress! My friends son was a floor trader. He lasted 2 years and left. The stress they are under on a daily basis is huge. The guys who make the real money sit in offices.

[Snowball7]

Who you see on tv applauding at the close and also at the open
are invited guests. Every morning there is a guest company which
rings the bell, often a new IPO or recently-listed company on the
exchange, their listed entourage. At the close is scheduled guests
and representatives of a single company similar to the open, who
bang the gavel. The bell ringing is done via button. 1995 started
the guest company tradition. Also sometimes you see celebrity
walk-ons (or financial industry notables) schmooze at both opens
and closes.

[Garethe]

I watched 60 Minutes tonight, now I understand.

[John23]

They're great at self promotion. Similar to the Oscars. They like to applaud themselves for a job well done. Even if they haven't done a good job.

The country is half asleep, so no one notices.