S&P 500 · November 28, 2007
A signal of more cuts
+2.86%
single-day change vs previous close
Part of a longer stretch
The Global Financial Crisis bear market
early in it · 2007-10-09 → 2009-03-09, -56.78% over the whole period
What happened that day?
- On 28 November 2007 the S&P 500 rose 2.86%
- The day before, the Fed's vice chair had said financial stress was weighing on the economy and hinted at more cuts
- By then the market watched only how fast the Fed would move. The bank losses were already in the price
- The Fed did cut again in December
- Cuts did not solve this problem, though. What had broken was not the price of money but the value of the collateral
- In this stretch the index was 18.64% 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.