S&P 500 · February 13, 1991
The Gulf War relief rally
+24.90%
trough back to the old high
86 trading days · 1990-10-11 → 1991-02-13
this undid the slide that began 1990-07-16
What happened that day?
- From the 11 October 1990 low to 13 February 1991 the S&P 500 rose 24.9% — 86 trading days
- It undid the Gulf War decline that began with Iraq's invasion of Kuwait
- Stocks actually jumped when the coalition operation started in January 1991, because it confirmed the worst case was not happening
- What the market had feared beforehand was oil fields destroyed and supply cut off for a long time. That did not occur
- Crude fell back to pre-invasion levels quickly, and the inflation worry cleared with it
- The Fed cut rates to support the economy. The old high was back on 13 February 1991
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.