The Rebound: Numbers tell story of market recovery
By think | March 11th, 2010 | Category: AP, Tim Paradis | No Comments »On March 9, 2009, it felt like the world was ending.
The Dow Jones industrial average had tumbled to a 12-year low of 6,547, and looked to keep plunging. A day later, Citigroup Inc. stopped the market’s drop with news that it was turning a profit. That began the stock market’s answer to the Great Recession: the Great Rebound.
The numbers are hard to believe. The Dow has rocketed 61 percent in a year. That’s the kind of gain that would normally come in five or six good years. The Standard & Poor’s 500 index — which is the basis for many retirement accounts and mutual funds — jumped 20 percent in the first 10 trading days after March low. It’s now up 68 percent.
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