Nasdaq · November 30, 2011
The day six central banks moved together
+4.17%
single-day change vs previous close
Part of a longer stretch
Six months after Europe opened the taps
midway through · 2011-10-03 → 2012-03-26, +33.68% over the whole period
What happened that day?
- The Nasdaq rose 4.17% on the day
- Six central banks including the US, Europe and Japan agreed to supply dollars to European banks more cheaply
- European banks being unable to obtain dollars in the market was the most urgent problem of this period. Blocked there, they end up selling assets at fire-sale prices
- China also lowered the reserves its banks must hold that same day. It was read as coordinated rather than coincidental
- Several countries acting on one day is a signal in itself, and is taken far more seriously than each acting alone
- This too only bought time; the actual resolution came from the ECB president's remark the following summer
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.