Nasdaq · September 14, 2012
Three months changed by one sentence
+15.89%
trough back to the old high
73 trading days · 2012-06-01 → 2012-09-14
What happened that day?
- From the low on 1 June 2012 to the high on 14 September, the Nasdaq rose 15.89% over 73 trading days
- In late July the head of the European Central Bank said he would do whatever it took to preserve the euro. No money was spent, yet borrowing costs fell
- When a central bank says it will buy without limit, nobody stands on the other side. So it never has to buy
- On 13 September the Fed announced a third round of bond buying. What differed this time was that no end date was set
- It meant buying would continue until employment was good enough, and the market read that as a safety net
- Even so, shares slipped again for two months from the very next day, on smartphone earnings and America's budget fight
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.