S&P 500 · October 22, 2008
The real economy arrives
-6.10%
single-day change vs previous close
Part of a longer stretch
The Global Financial Crisis bear market
near the end of it · 2007-10-09 → 2009-03-09, -56.78% over the whole period
What happened that day?
- On 22 October 2008 the S&P 500 fell 6.1% in a single day
- The market had jumped ten days earlier on the coordinated bank rescue and was now sliding again
- Saving the banks and saving the economy are different problems. Earnings reports kept coming in badly
- Businesses dependent on consumer spending and advertising deteriorated especially fast
- Emerging market currencies fell together and money kept leaving risk assets worldwide
- The S&P 500's low came four months later, on 9 March 2009
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.