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 a, seeking and/or bottom:
“Ah, Sun-flower, weary of time,
Who countest the steps of the Sun,
Seeking after that sweet golden clime
Where the traveller’s journey is done:
Where the Youth pined away with desire,
And the pale Virgin shrouded in snow
Arise from their graves, and aspire
Where my Sun-flower wishes to go.”
—William Blake (1757–1827)
“With our principles we seek to rule our habits with an iron hand, or to justify, honor, scold, or conceal them:Mtwo men with identical principles are likely to be seeking fundamentally different things with them.”
—Friedrich Nietzsche (1844–1900)
“There is more of good nature than of good sense at the bottom of most marriages.”
—Henry David Thoreau (1817–1862)