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This Day In Market History: Dow Hits 2009 Financial Crisis Low

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This Day In Market History: Dow Hits 2009 Financial Crisis Low
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Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.

What Happened?

On this day nine years ago, the Dow Jones Industrial Average hit its lowest point of the financial crisis of 2008 and 2009.

Where The Market Was

The S&P 500 was trading at 683.38 and the Dow dipped as low as 6,469.95.

What Else Was Going On In The World?

In 2009, the World Health Organization declared HINI influenza, otherwise known as “swine flu,” a global pandemic. The top two biggest box office hits were “Harry Potter and the Half-Blood Prince” and “Ice Age: Dawn of the Dinosaurs.” The average American income was $39,423.

The Market’s Darkest Hour

In March 2009, it seemed as if nothing could stop the plummeting stock market as U.S. investors feared the entire banking industry was on the brink of collapse. The largest U.S. banks had been bailed out by the government via the Troubled Assets Relief Program, and investors struggled to understand just how bad the situation was.

Investors who feared holding stocks over the weekend continued to sell on Friday, March 9, sending the Dow to an intraday low of 6,469.95, roughly a 54.4 percent drop from the Dow’s 2007 high point.

Fortunately, that price marked the low point of the crisis for Dow investors. By mid-2010, the Dow made its way back above 10,000, and by mid-2011 it was back above 12,000. The Dow completed its round-trip back to new all-time highs in 2013 and never looked back, eclipsing 26,000 earlier this year.

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Image credit: pingnews.com, Flickr

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