On June 27, 2008, the Dow Jones Industrial Average (DJIA) fell 20 percent from its October 2007 high, the definition of a bear market. By day's end, the Dow had rallied to regain some of its losses, closing at just under 11,347—a drop of nearly 107 points.The New York Times: Battered by Oil, Dow Touches Bear Territory (June 28, 2008)
350 Point Drop
On June 26, 2008, the Dow fell more than 350 points to hit its lowest trading point in 21 months. Many experts believed the sharp sell-off was prompted by soaring oil prices. That day, oil surged to a record high of more than $140 per barrel.The New York Times: Gloom Descends Over Wall Street Again (June 27, 2008)
References
Fast Facts
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June 27, 2008
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October 9, 2007
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Bear market generally defined as a market that loses 20 percent or more of its peak valueThe New York Times: Battered by Oil, Dow Touches Bear Territory (June 28, 2008)
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Last bear market period
