Nasdaq · March 12, 2009
The third day past the bottom
+3.97%
single-day change vs previous close
Part of a longer stretch
Thirteen months that doubled off the bottom
early in it · 2009-03-09 → 2010-04-23, +99.44% over the whole period
What happened that day?
- The Nasdaq rose 3.97% on the day, a third straight gain from the 9 March bottom
- Earlier that week two large banks said they had been profitable through the first two months of the year
- The market at the time saw outright nationalisation of the banks as possible. Saying they were profitable erased that worst case
- The same week brought discussion of changing accounting rules so unsellable assets need not be marked at fire-sale prices
- There was no single announcement that day; it was the accumulation over several days of confirmation that the worst was not happening
- These three days were the start of an advance lasting more than a decade, though nobody saw it that way at the time
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.