U.S. Stocks Suffer Worst Year Since Great Depression
January 1st, 2009Yeah, well, not quite, “No one.”
* snort *
Via: Financial Times:
The worst annual performance for Wall Street stocks since the Great Depression ended with a modest rally on the final day of trading as the Federal Reserve pushed ahead with its plan to buy mortgage-backed securities.
The central bank’s plan to buy up to $500bn of mortgage bonds by the middle of 2009 helped spur a 1.4 per cent gain on the day for the S&P, which finished 2008 at 903.25.
…
For the year, the S&P 500 dropped 38.5 per cent, marking its worst run since a marginally higher drop of 38.6 per cent in 1937. The Dow lost 33.8 per cent, its worst annual decline since the index fell 52.7 per cent in 1931.
“It was beyond most people’s comprehension that such a thing could happen,” said Marc Pado, chief market strategist at Cantor Fitzgerald. “No one thought the short-term could be this destructive.”
