S&P 500 · November 3, 1982
The 1982 Volcker pivot rally
+39.49%
trough back to the old high
58 trading days · 1982-08-12 → 1982-11-03
this undid the slide that began 1980-11-28
What happened that day?
- From the 12 August 1982 low to 3 November the S&P 500 rose 39.49% — 58 trading days
- It undid the high-rate bear market that had run since November 1980
- The trigger was inflation clearly breaking and the Fed starting to cut
- Lower rates cut companies' interest costs, and money moves out of deposits and into shares
- Because it had been held down for years the bounce was unusually steep — the whole decline was undone in under three months
- This turn is the starting point of the long bull market that ran into the 1990s
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.