Nasdaq · October 17, 2022
When the trouble from Britain eased
+3.43%
single-day change vs previous close
Part of a longer stretch
The 2021–22 tech bear market
near the end of it · 2021-11-19 → 2022-12-28, -36.40% over the whole period
What happened that day?
- On 17 October 2022 the Nasdaq rose 3.43%
- That September, Britain's government had announced large unfunded tax cuts and its bond market broke
- The pound collapsed, gilt yields spiked, and the Bank of England had to intervene
- In mid-October a new finance minister reversed most of the plan and the bond market settled
- US markets rose because that stress had been spreading through global finance
- No single trigger can be pinned to this day
- In this stretch the index was 22.2% below its peak
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.