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Subsequently, the index has recovered sharply to close at 1,183.08 on October 22, 2010
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Date Posted: 26/11/10 1:53:06
In reply to:
Spring
's message, "The S&P 500 index in its present form began on March 4, 1957." on 26/11/10 1:51:39
In mid-2007, difficulties stemming from subprime mortgage lending began spreading to the wider financial sector, resulting in the second bear market of the 21st century. The resulting crisis became acute in September 2008, ushering in a period of unusual volatility, encompassing record 100-point moves in both directions and reaching the highest levels since 1929.[6] On November 20, 2008, the index closed at 752.44, its lowest close since early 1997.[7] A modest recovery the following day still left the index down 45.5% for the year. This year-to-date loss was the greatest since 1931, when the broad market declined more than 50%;[8] the total losses that ushered in the Great Depression exceeded 80% over a three-year period. The market continued to decline between late 2008 and early 2009 surrounding the events involving the financial crisis of 2008, reaching a nearly 13-year closing low at 676.53 on March 9. Subsequently, the index has recovered sharply to close at 1,183.08 on October 22, 2010, up over 75% from the low but still down by more than 25% from the 2007 high; this respite has been alternately characterized as heralding a return to economic growth, or a significant counter-trend bear market rally.
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