If all it took was a bank holiday to get this market to rally, I'm sure government officials would have called one a long time ago! Today's gain of more than 11% in the S&P 500 is the sixth best one-day gain in the index's history (since 1928). To find the last time the S&P 500 rose by more than 10% you have to go back to the Great Depression (which is where a lot of comparisons to today wind up going). The table below shows the ten largest one-day percentage moves in the S&P 500 in its history, along with the index's performance the following day. Say what you want about it being a holiday or one-day wonder, but the bulls will certainly take whatever they can get. Go figure -- we're more than halfway there to a new bull market (20% rally). Everyone that works on Wall Street needs to remember what they had for breakfast this morning and have it again tomorrow.
No comments:
Post a Comment