Nasdaq · July 26, 1979
Recovery after the dollar steadied
+25.83%
trough back to the old high
175 trading days · 1978-11-14 → 1979-07-26
this undid the slide that began 1978-09-13
What happened that day?
- From the 14 November 1978 low to 26 July 1979 the Nasdaq rose 25.83% — 175 trading days
- It undid the dollar-crisis decline
- After the defence package the dollar steadied and the currency-collapse scenario went away
- The economy was still holding up and corporate profits were growing
- The inflation problem, though, was untouched. This recovery bought time rather than solving anything
- The old high returned on 26 July 1979. A second oil shock arrived later that year and shook it again
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.