June 5, 2008
The market started high today, and maintained its momentum, allowing the S&P500 to rise 1.95 percent, the NASDAQ to gain 1.87 percent, while the DJIA closed up 1.73 percent.
There have been just seven other days in 2008 when the DJIA and the S&P500 shot up this much, although there have been close to 100 days since January 2000 when this same or greater increase occurred in a single session.
The NASDAQ has a stronger history of such large gains: ten earlier ones this year, and some 244 closes in this century.
It was the first up close for the DJIA in four days - this index has fallen five days in a row only 21 times since 2000. Similarly, the S&P500 recovered after three straight decreases; it has just 44 occasions, in this century, when the string of daily decreases extended to four days.
In the past, since 2000, after a gain in excess of 1.8 percent, the NASDAQ went higher 31 times, but fell 30 times on the following day. A comparable record exists for the S&P500, with 39 increases and 30 decreases the next day; the DJIAs record is even weaker, with only 11 further expansions compared to 18 declines the next day.
DJIA 1.73 percent
NASDAQ 1.87 percent
S&P500 1.95 percent