S&P 500 · April 11, 1997
After the first hike in two years
-2.73%
single-day change vs previous close
What happened that day?
- On 11 April 1997 the S&P 500 fell 2.73%
- In late March the Fed had raised rates for the first time in two years, moving early against an economy it thought was running hot
- The market assumed it would not stop at one. A series of hikes weighs on prices
- Stocks had risen almost without pause for more than two years, so there was plenty to give back
- This day was near the end of that pullback. The index turned within days
- No further hike came, and the market rose sharply again that year
- From the peak the index was down 9.63%
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.