Nasdaq · June 1, 2012
Spanish banks and a second Greek election
-12.01%
peak-to-trough, the whole slide
47 trading days · 2012-03-26 → 2012-06-01
still below that peak today
What happened that day?
- From the high on 26 March 2012 to the low on 1 June, the Nasdaq fell 12.01% over 47 trading days
- The effect of the winter's cheap loans had worn off, showing the underlying problem was untouched
- Bad property loans in Spain grew until the government took over one of its banks. The structure was one where a country rescuing its banks endangers the country
- Greece failed to form a government after its May election and had to vote again in June. For the first time, leaving the euro was discussed seriously
- A US jobs report on 1 June came in far worse than expected and marked the low
- The correction lasted two months. That summer one sentence from the head of the European Central Bank changed the board
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.