S&P 500 · March 28, 2013
The post-crisis recovery rally
+131.95%
trough back to the old high
1,021 trading days · 2009-03-09 → 2013-03-28
this undid the slide that began 2007-10-09
What happened that day?
- From the 9 March 2009 low to 28 March 2013 the S&P 500 rose 131.95% — 1,021 trading days
- What it undid was the decline that began in October 2007
- The turn came the day after the low, when a Citigroup memo saying the bank had been profitable in January and February became public. Accounting rules were eased in April and the bank stress-test results published in May — and once people knew how bad it really was, the worst imaginings cleared
- The Fed pinned rates at zero and bought Treasuries — quantitative easing. With deposits and bonds paying nothing, money moved into stocks
- Companies kept the headcount and costs they had cut in the crisis while revenue came back, so profits grew faster than sales
- The European debt crisis shook it hard in 2010 and 2011, but the trend held
- On 28 March 2013 the 2007 high was passed
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.