Nasdaq · March 28, 1980
The day after silver collapsed
+4.16%
single-day change vs previous close
Part of a longer stretch
The credit-controls-lifted rally
early in it · 1980-03-27 → 1980-07-14, +34.19% over the whole period
What happened that day?
- The Nasdaq rose 4.16% to close at 129.25. No single trigger for the day could be pinned down
- The previous session, 27 March, was the low of this episode. This is the very next trading day
- The day before, the silver price collapsed and fear spread that the buyers who had cornered it could not repay their debts. The shock rippled through the whole market
- A large rise the session after a low is a common shape — once the forced sellers are done, only buyers remain
- Behind all of it were double-digit inflation and the very high rates aimed at breaking it
- The pullback ran 24.91% from the February high to the March low, and the recovery started here
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.