S&P 500 · September 22, 2011
The measure that fell short
-3.19%
single-day change vs previous close
Part of a longer stretch
The downgrade and Europe's second wave
near the end of it · 2011-04-29 → 2011-10-03, -19.39% over the whole period
What happened that day?
- On 22 September 2011 the S&P 500 fell 3.19%
- The day before, the Fed had announced it would change the maturity mix of its holdings — selling short, buying long
- It left the quantity of money unchanged and only pushed long rates down. The market had expected more
- The statement's language about significant downside risks did not help
- European bank problems and slowing Chinese manufacturing landed at the same time
- In this stretch the index was 18.77% below its peak
- The low came eleven days later, on 3 October
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.