S&P 500 · May 28, 1970
Two days off the bottom
+2.53%
single-day change vs previous close
Part of a longer stretch
Back from the 1970 credit crunch
early in it · 1970-05-26 → 1971-01-19, +35.32% over the whole period
What happened that day?
- The S&P 500 rose 2.53% on the day
- **No single cause for that day has been pinned down.** What is established is that an eight-month recovery began here, within a week
- The bottom of this fall had come just two sessions earlier. Within days the market had reversed completely
- The spring 1970 decline combined inflation, the widening of the Vietnam war, and the funding troubles of a large railroad
- It was a stretch in which money itself was drying up, so prices came back quickly once that pressure began to ease
- This recovery ran to January of the following year
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.