S&P 500 · November 9, 2011
The day Italian yields passed seven
-3.67%
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 9 November 2011 the S&P 500 fell 3.67%
- Italian ten-year yields passed seven percent that day
- Greece, Ireland and Portugal had each crossed seven shortly before requesting a bailout. The number had become symbolic
- Italy is on a different scale from those three. The problem was that it was too large to rescue
- When a country can no longer roll over its own debt, the whole euro shakes
- The crisis settled the following July, when the head of the European Central Bank said he would do whatever it took
- 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.