S&P 500 · October 28, 1997

The day after the Asian shock

+5.12%

single-day change vs previous close

What happened that day?

On 28 October 1997 the S&P 500 rose 5.12% in a single day
The day before, Hong Kong's crash had spread and New York fell hard enough to trip the circuit breakers and close early
This session opened to heavy bargain buying and took back most of the previous day's loss
The US economy itself was in very good shape, and the dominant view was that the Asian crisis was someone else's problem
The US bull market did in fact run for several more years
But the Asian crisis spread the following year through Russia and LTCM, and eventually shook the US too

Sources

1997 Asian financial crisis
October 27, 1997 mini-crash

Every figure on this page is recomputed from the original daily closing prices and checked against them at build time. The account of what happened is written from the sources listed above.