Are markets crazy these days? Absolutely.

The US stock market is down more than 10% year to date.

BUT! We just had one of the best days in the stock market since October 2008.

So what are the best days in the US stock market (S&P500)? There’s a common theme: they don’t happen during happy bull markets.

Here are the top ten.

10. March 10, 2009 (+6.4%)

Why? Governments said they’d boost the economy during the financial crisis.

9. November 21, 2008 (+6.5%)

Why? Optimism around recovery and potential market bottoming during the Great Recession.

8. November 24, 2008 (+6.5%)

Why? Investors became hopeful that the financial collapse would be resolved thanks to government and central bank intervention.

7. November 13, 2008 (+6.9%)

Why? Governments bailed out major financial institutions that were falling, easing fears that the financial collapse would continue.

6. April 6, 2020 (+7.0%)

Why? Government support and central bank money printing boosted confidence during COVID-19 uncertainty.

5. March 13, 2020 (+9.3%)

Why? President Trump declared a national emergency, emphasizing the government would support the economy during COVID-19.

4. March 24, 2020 (+9.4%)

Why? Massive stimulus measures (money printing from central banks) reassured investors during pandemic-during volatility.

3. April 9, 2025 (+9.5%)

Why? President Trump paused most tariffs for 90 days, easing fears of a prolonged trade war.

2. October 28, 2008 (+10.8%)

Why? Optimism around coordinated efforts from governments around the world to fight the global financial.

1. October 13, 2008 (+11.6%)

Why? Governments said they’d boost the economy during the financial crisis.

What does all this mean?

“The night is darkest just before the dawn.” - Harvey Dent