Today is the one-year anniversary of Lehman Brothers’ cataclysmic failure. In other words, this time last year, the you-know-what was hitting the fan.
Lehman announced it was done on a Sunday. Amazingly, the S&P 500 opened down only a point down on Monday, at 1,250. By the end of the day, the S&P had lost 58 points. Stock prices swung wildly the rest of the week. It wasn’t until October 7, 2008 that the S&P went below 1,000.