S&P 500 · September 3, 1999
A sign the job market was cooling
+2.89%
single-day change vs previous close
What happened that day?
- On 3 September 1999 the S&P 500 rose 2.89%
- The August jobs report that morning came in softer than expected
- All summer the market had worried about the opposite — that hiring was too strong and rates would keep rising
- A cooler jobs market removes that worry. So prices rose on news that was not, in itself, good
- It is a clean example of how markets read economic data: not for what it says, but for what it means for rates
- In this stretch the index had been 12.08% 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.