Nasdaq · March 17, 2020
A big bounce just before the bottom
+6.23%
single-day change vs previous close
Part of a longer stretch
The COVID crash on the Nasdaq
near the end of it · 2020-02-19 → 2020-03-23, -30.12% over the whole period
What happened that day?
- The Nasdaq rose 6.23% on the day
- The US government said it was considering paying cash directly to households, with talk of a package above one trillion dollars
- The Fed also moved to support the commercial paper market directly, closing the route by which companies fail for want of short-term funding
- Even so the bottom was still four sessions away. Rebounds came repeatedly in this period and each led to a lower low
- The steeper the decline, the more often large up days appear inside it — that is the signature of this phase
- The actual turn came after 23 March, when the Fed said it would buy without limit
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.