S&P 500 · November 13, 2008
The intraday reversal
+6.92%
single-day change vs previous close
Part of a longer stretch
The Global Financial Crisis bear market
near the end of it · 2007-10-09 → 2009-03-09, -56.78% over the whole period
What happened that day?
- On 13 November 2008 the S&P 500 rose 6.92% in a single day
- Intraday the index dropped to a multi-year low, then turned and closed sharply higher
- Reversals like that happen when everyone who wanted to sell has sold. With no supply left, small buying moves the price a long way
- The government was also settling on using rescue funds to recapitalise banks around this time
- It was not the bottom, though. Days later carmaker failure fears sent it down hard again
- The final low came four months later on 9 March 2009
Sources
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.