Nasdaq · July 15, 2009
The night the chip numbers beat
+3.51%
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?
- 15 July 2009 — the Nasdaq rose 3.51% to close at 1,862.90
- The evening before, a large chipmaker had posted results and guidance well above expectations. A large bank reported well the same morning
- Chips are where orders move first. A turn there reads as the end of an inventory correction
- This was the first stretch since the crisis in which earnings, not policy hope, held the price up
- But the profits came more from cutting costs than from growing revenue. They were made by cutting staff
- So share prices rose while employment did not. People called it a jobless recovery
- The index had bottomed four months earlier, on 9 March, and this day sat inside that recovery
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.