Nasdaq · October 28, 2008
A day that took a lot of it back at once
+9.53%
single-day change vs previous close
Part of a longer stretch
A halving that took seventeen months
near the end of it · 2007-10-31 → 2009-03-09, -55.63% over the whole period
What happened that day?
- The Nasdaq rose 9.53% on the day, the second-largest single-day gain of this crisis phase
- Expectations were high that the Fed would cut the next day, and that other central banks would move alongside it
- The IMF had also agreed support for several countries in the preceding days
- A jump like this is not a sign that things have improved. The steeper the decline, the more big up days appear inside it
- The index in fact fell for four more months after this, bottoming in March of the next year
- That the largest up day sits in the middle of a falling phase says a lot about this market
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.