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In looking back in history at what were some of the more notable events of 1997 — the year the Business Observer debuted, back when it was called the Gulf Coast Business Review — three seemingly disparate events and happenings standout: That year marked the debut of Harry Potter, with J.K. Rowling’s "Harry Potter and the Philosopher’s Stone." It was also the first time the Dow Jones closed at over 7,000. One other happening: Woolworth’s, once an American titan of retail, which had been in business since 1879, shuttered its last store.
"Harry Potter," of course, has grown into a cultural phenomenon, launching books, movies, a Broadway play and numerous spinoffs. It also created a club of sorts for millions of young readers, who devoured the books and waited anxiously for the next edition. The Dow, meanwhile, with some dips and busts, rose dramatically in the past 25 years, from a close of 7,908 in 1997 to 36,338 in 2021. That’s up 359.5%.
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