The Bull Market Has a Birthday

Photograph by Barnaby Hall/Gallery Stock

Hard to believe, but five whole years have passed since the market set what now appears to be a generational low. In March of 2009, the Standard & Poor’s 500 index cratered to the ominous level of 666, handing Wall Street its second-biggest bear market of the past 100 years (only the bread-lined days of 1929 to 1932 clocked a worse peak-to-trough performance). That is especially whiplashing: It took just 17 months from late 2007 to the spring of 2009 for the market to collapse 57 percent. By comparison, the post dot-com bust at the start of that decade took nearly twice as long to inflict that kind of loss.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.