Nasdaq · April 1, 2008
A bank owned up to the losses and raised capital
+3.67%
single-day change vs previous close
Part of a longer stretch
A halving that took seventeen months
early in it · 2007-10-31 → 2009-03-09, -55.63% over the whole period
What happened that day?
- 1 April 2008 — the Nasdaq rose 3.67%. No single cause for that one day could be pinned down
- Around this date a large European bank wrote off a great deal on mortgage-related holdings and said it would raise fresh capital at the same time
- The market welcomed a big loss for one reason: knowing the number beats not knowing it
- It came shortly after a large broker was rescued in mid-March, and a sense spread that the worst had passed
- From the late-December 2007 high to the 10 March 2008 low the index fell 20.37%. This day sits in the recovery after it
- That sense was wrong. The real phase started that September
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 put together from the public record; where a specific source was consulted it is listed above.