Nasdaq · March 23, 2009
The day they offered to buy the bad assets
+6.76%
single-day change vs previous close
Part of a longer stretch
Thirteen months that doubled off the bottom
early in it · 2009-03-09 → 2010-04-23, +99.44% over the whole period
What happened that day?
- The Nasdaq rose 6.76% on the day, two weeks after the bottom
- The US Treasury announced a plan to buy banks' unsellable assets jointly with private investors
- The structure had the government absorbing much of any loss, which gave private buyers a reason to take part
- The core of the crisis was that nobody could price these assets. With no price, banks did not know what to write in their books
- If a buyer appears there is a price, and with a price the books can be written. That was what the plan was for
- From this day the Nasdaq rose for thirteen months and the index doubled
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.