S&P 500 · October 28, 2008
The biggest up day of the crisis
+10.79%
single-day change vs previous close
Part of a longer stretch
The Global Financial Crisis bear market
near the end of it · 2007-10-09 → 2009-03-09, -56.78% over the whole period
What happened that day?
- The S&P 500 rose 10.79% on the day, the second-largest single-day gain of the financial crisis
- Expectations were high that the Fed would cut the next day, and that other central banks would move with 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
- Pressure to buy back what had been sold with borrowed shares widens the move on such days too
- The index in fact fell for four more months, bottoming in March 2009
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.