Seeking A Bottom
After falling for 11 of 12 consecutive days closing below Dow 8000 on July 23, 2002, the market rallied. The Dow rose 13% over the next four trading days, but then fell sharply again in early August. On August 5, the NASDAQ fell below its July 23 low. However, the markets rose sharply over the rest of the week, and eventually surpassed Dow 9000 during several trading sessions in late August. After that, the Dow dropped to a four-year low on September 24, 2002, while the NASDAQ reached a 6-year low. The markets continued their declines, breaking the September low to five-year lows on October 7 and reaching a bottom (below Dow 7200 and just above 1100 on the NASDAQ) on October 9. Stocks recovered slightly from their October lows to year-end, with the Dow remaining in the mid-8000s from November 2002 to mid-January 2003. The markets reached a final low below Dow 7500 in mid-March 2003.
Read more about this topic: Stock Market Downturn Of 2002
Famous quotes containing the words seeking and/or bottom:
“So was produced this tragedy
In a far tower of ivory
Where, O young men, late in the night
All you who drink light and stroke the air
Come back, seeking the night, and cry
To strict Rapunzel to let down her hair.”
—Allen Tate (1899–1979)
“At bottom there is in Joyce a profound hatred for humanity—the scholar’s hatred. One realizes that he has the neurotic’s fear of entering the living world, the world of men and women in which he is powerless to function. He is in revolt not against institutions, but against mankind.... Ulysses is like a vomit spilled by a delicate child whose stomach has been overloaded with sweetmeats.”
—Henry Miller (1891–1980)