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:
“My ambition for station was always easily controlled. If the place came to me it was welcome. But it never seemed to me worth seeking at the cost of self-respect, or independence. My family were not historic; they were well-to-do, did not hold or seek office. It was easy for me to be contented in private life. An honor was no honor to me, if obtained by my own seeking.”
—Rutherford Birchard Hayes (1822–1893)
“The bottom line on bonding with multiples seems to be that if you see bonding as a static event—a moment in time at which you must have eye contact and skin contact simultaneously with two or more infants—you may indeed be in trouble.”
—Pamela Patrick Novotny (20th century)