S&P 500 · October 10, 2011
The day Europe agreed to recapitalise
+3.41%
single-day change vs previous close
Part of a longer stretch
After 'whatever it takes'
early in it · 2011-10-03 → 2013-03-28, +42.75% over the whole period
What happened that day?
- On 10 October 2011 the S&P 500 rose 3.41%
- Over the weekend the German and French leaders said they had agreed a plan to recapitalise European banks
- The core of the crisis was that banks held large amounts of southern European debt. If that debt fell, the banks failed
- Filling the banks with capital lets them survive a fall in that debt. It cuts the link
- The low of the stretch had come a week earlier, and the rebound now got going
- Europe's crisis itself ran until the following summer
- In this stretch the index was 18.77% 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.