Nasdaq · April 23, 2010
Thirteen months that doubled off the bottom
+99.44%
trough back to the old high
284 trading days · 2009-03-09 → 2010-04-23
What happened that day?
- From the low on 9 March 2009 to the high on 23 April 2010, the Nasdaq rose 99.44% over 284 trading days
- The index doubled in thirteen months. Recoveries that fast are rare in Nasdaq's history
- It rose so much because it had fallen so far. Companies priced for failure did not fail, and the price came back
- A change to accounting rules in April mattered. Banks no longer had to mark unsellable assets down to fire-sale prices, and the holes in their books shrank
- The Fed began buying government bonds and mortgage debt outright. Much of the rise in risky assets in this period came from that money
- Unemployment was still worsening throughout this advance. It is a textbook stretch of shares and household life moving apart
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.