S&P 500 · March 8, 1996
Too many jobs, so stocks fell
-3.08%
single-day change vs previous close
What happened that day?
- On 8 March 1996 the S&P 500 fell 3.08%
- The February jobs report that morning came in far above forecast — several times what was expected
- More jobs mean higher wages and higher prices, which gives the Fed a reason to raise rates
- Bonds fell hard first and stocks followed
- Falling on good economic news looks strange until you notice that what the market is pricing is not the economy but the interest rate
- Inflation stayed contained in this period and the hike never came
- Peak to trough it was 4.58%
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.