This place is the central junction. From here a street goes down to the Winter Palace and also goes up to the north. At the intersection is a famous Julius Meinel store. You may buy sweets and chocolate there.
Extremely recommend spending two hours in Vienna with guide Tom. He tells the stories of the city and its history in the short, interesting and elegant way. The trip starts from Stephan Platz, passes through the streets of Graben, the Jewish quarter, Am Hof and ends at Ferstel Palace and the Mekler cellar.