S&P 500 · February 27, 2007
It started in Shanghai
-3.47%
single-day change vs previous close
Part of a longer stretch
The 2002–07 recovery
near the end of it · 2002-10-09 → 2007-05-30, +97.00% over the whole period
What happened that day?
- 27 February 2007 — the S&P 500 fell 3.47%
- It started in Shanghai. On word that Beijing would raise rates and crack down on borrowed money, Chinese stocks posted their worst day in ten years
- Foreigners could barely access that market at the time. The world still fell with it — that was sentiment, not exposure
- The same day in America, a former Fed chairman raised the prospect of recession and durable-goods orders came in weak
- Orders arrived faster than the Dow's own calculation could keep up. Switching to backup hardware made the index appear to drop hundreds of points in an instant
- Several things landed at once. No one of them would have done this much
- The episode low was only 5.86% down, and it was retraced past the early-March bottom. It was a trailer for what value could do all at once
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.