S&P 500 · April 22, 1980
The spring rates started coming down
+3.64%
single-day change vs previous close
Part of a longer stretch
Six years back from the oil shock
near the end of it · 1974-10-03 → 1980-07-17, +94.99% over the whole period
What happened that day?
- The S&P 500 rose 3.64% to close at 103.43. No single trigger for the day could be pinned down
- The low of this episode had come a month earlier, on 27 March. This day sits in the recovery after it
- In early 1980 American interest rates had been pushed to very high levels to break inflation
- As spring came, it became clear the economy was cooling fast, and rates started down with it
- Falling rates make shares relatively more attractive. Most of the gains in this stretch came from that
- The pullback ran 17.07% from the February high to the March low, and the index finished the year higher
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 put together from the public record; where a specific source was consulted it is listed above.