S&P 500 · January 19, 2024
The peak-inflation rally
+35.30%
trough back to the old high
318 trading days · 2022-10-12 → 2024-01-19
this undid the slide that began 2022-01-03
What happened that day?
- From the 12 October 2022 low to 19 January 2024 the S&P 500 rose 35.3% — 318 trading days
- It undid the inflation bear market that had run from January 2022
- The starting point was data showing the pace of price rises had passed its peak
- Once it looked like no more hikes were needed, the stocks that rates had been pressing down moved first
- The recession everyone expected also failed to arrive. Employment held up and earnings came in better than feared
- From 2023 the AI story pulled the big tech names up and led the index higher. The old high returned on 19 January 2024
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.