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ance donate create account log in personal tools donate create account log in contents move to sidebar hide top 1 background 2 explanations 3 recouping 4 aftermath 5 see also 6 references 7 external links toggle the table of contents kennedy slide of 1962 2 languages español français edit links article talk english read edit view history tools tools move to sidebar hide actions read edit view history general what links here related changes upload file permanent link page information cite this page get shortened url switch to legacy parser print export download as pdf printable version in other projects wikidata item appearance move to sidebar hide from wikipedia the free encyclopedia 1962 stock market decline kennedy slide of 1962 date december 1961 june 1962 location united states type stock market crash bear market outcome s p 500 declines 22 5 dow jones industrial average drops 5 7 on may 28 1962 structural and legislative trading system reforms enacted by the sec full market stabilization achieved following the conclusion of the cuban missile crisis the kennedy slide of 1962 also known as the flash crash of 1962 is the term given to the stock market decline from december 1961 to june 1962 during the presidential term of john f kennedy after the market experienced decades of growth since the wall street crash of 1929 the stock market peaked during the end of 1961 and plummeted during the first half of 1962 during this period the s p 500 declined 22 5 and the stock market did not experience a stable recovery until after the end of the cuban missile crisis the dow jones industrial average fell 5 7 down 34 95 the second largest point decline then on record 1 background edit following the wall street crash of 1929 speculators became more cautious and reluctant about holding on to stocks for extended periods of time as a result there was an increased trend of pooling on the bear side of the market betting on stock prices to lower and pushing stock prices down further these bear raids allowed many wall street investors to make fortunes for adequate regulation of inside information had not yet become established joseph p kennedy a famous and prominent bear raider had gained much of his fortune through trading in stock pools as his wealth continued to grow he later entered the political sphere as a strong supporter of franklin d roosevelt kennedy eventually became appointed as the chairman of the u s securities and exchange commission a federal agency established by franklin d roosevelt in order to investigate current speculative operations and prevent a downturn like the 1929 crash during his term as the head of the commission kennedy did a thorough job and made a name for both himself and his family his success and reputation may have eventually helped place his son in the presidency during the election of 1960 2 during the time period leading up to the kennedy slide of 1962 the economy was experiencing a rapid expansion from february 1951 to december 1959 the real gdp of the united states had risen significantly stock prices had been on a steady rise since the late 1940s and when john f kennedy took office in 1961 he promised that the recovery would continue after continuing to rise through december 1961 however the stock market experienced a massive decline through june 1962 the s p 500 experienced a 22 5 decline the dow jones industrial average dropped 5 7 on may 28 1962 alone in what was termed the flash crash of 1962 3 explanations edit during the time of the kennedy slide the head of the american stock exchange edwin posner explained to reporters that this definitely is not panic selling instead he attributed the drop in stock prices as an adjustment from the previous 10 years of increases with this drop posner believed that stocks were reaching their realistic levels 2 after a thorough investigation led by a special committee of the u s securities and exchange commission the committee concluded that there were clear signs of incompetence but none of malfeasance that would have warranted further investigation the sec had hoped to figure out the causes of wrongdoing in order to pass legislation that would prevent further mishaps but it did not find any evidence of such behavior in its report the sec concluded that the downturn in the market was due to a complex interaction of causes and effects including rational and emotional motivations as well as a variety of mechanisms and pressures which led to a downward spiral of great velocity and force the end of the report labeled the market slide as an isolated nonrecurring incident with precipitating causes that were unable to be confidently ascertained 2 recouping edit president john f kennedy was asked by many to address the public about the state of the economy but he ultimately decided not to do so kennedy s advisors pushed for all sorts of remedies from reducing the margin requirement to announcing a tax cut of 5 10 billion to holding a fireside chat and discussing the health of the economy six weeks after deciding on not taking an action however kennedy reduced the margin requirement and decided on a tax cut hoping to incentivize large self financing companies 2 the public began gaining confidence after important businessmen and fund managers addressed press about the concerns of the market j paul getty an oil tycoon with large investments in wall street addressed the press and explained when some folks see others selling they automatically follow suit i do the reverse and buy i don t think the slide will go on in fact i think there will be a rather substantial rise shortly walter benedict fund manager of the billion dollar mutual fund investors planning corporation also announced that the market was bullish stating that his funds had recently purchased 20 million worth of stock with the backing of successful investors the public s fears had temporarily subsided and the stock markets rallied heavily in what became the greatest single day rally since the end of world war ii 2 although it seemed like recovery was imminent the stock market continued to be volatile throughout the month of june a stable rise did not occur until the end of the cuban missile crisis in october aftermath edit this stock market shock was significant but it had little immediate effects on interest rate premiums in the credit market during the entire period the interest rates remained relatively steady because there had not been substantial loan losses or bank failures in decades the bank system remained remarkably stable preventing the interest rates from spreading upward the federal reserve made only minor interest rate movements which helped ease panic in the treasury markets 4 when comparing the highest and lowest points of the stock market during the kennedy slide the paper values of stocks declined 27 during the period of december 1961 and june 1962 the 1929 1932 bear market which was a substantial cause of the great depression saw a sharp drop of 89 many aspects of the kennedy slide of 1962 mirrored those of the wall street crash of 1929 such as the detrimental mix of an extremely volatile stock market fearful investors and weak leadership 2 see also edit great depression stock market crash flash crash cuban missile crisis references edit zweig jason 29 may 2010 back to the future lessons from the forgotten flash crash of 1962 the wall street journal 1 2 3 4 5 6 sobel robert 1999 panic on wall street a history of america s financial disasters beard books isbn 1 893122 46 8 zweig jason 2010 05 29 back to the future lessons from the forgotten flash crash of 1962 the wall street journal issn 0099 9660 retrieved 2018 05 23 mishkin frederic u s stock market crashes and their aftermath implications for monetary policy national bureau of economic research 2002 web 24 mar 2013 http www0 gsb columbia edu faculty fmishkin pdfpapers w8992 pdf external links edit meltzer allan h 2009 a history of the federal reserve volume 2 book 1 1951 1969 chicago university of chicago press p 375 isbn 978 0226520025 v t e financial crises bank run commodity price shocks credit crunch credit cycle currency crisis debt crisis energy crisis financial contagion social contagion flash crash hyperinflation liquidity crisis accounting capital funding market minsky moment social crisis stock market crash pre 1000 financial crisis of 33 ce crisis of the third century 235 284 ce commercial revolution 1000 1760 great bullion famine c 1400 c 1500 the great debasement 1544 1551 spanish price revolution c 1550 c 1650 dutch republic stock market crashes c 1600 1760 kipper und wipper 1621 1623 tulip mania 1637 south sea bubble 1720 mississippi bubble 1720 1st industrial revolution 1760 1840 amsterdam banking crisis of 1763 bengal bubble of 1769 1769 1784 british credit crisis of 1772 1773 dutch republic financial collapse c 1780 1795 copper panic of 1789 panic of 1792 panic of 1796 1797 danish state bankruptcy of 1813 post napoleonic irish grain price and land use shocks 1815 1816 panic of 1819 panic of 1825 panic of 1837 1840 1870 european potato failure 1845 1856 great irish famine highland potato famine panic of 1847 panic of 1857 panic of 1866 black friday 1869 2nd industrial revolution 1870 1914 panic of 1873 paris bourse crash of 1882 panic of 1884 arendal crash 1886 baring crisis 1890 encilhamento 1890 1893 panic of 1893 australian banking crisis of 1893 black monday 1894 panic of 1896 panic of 1901 panic of 1907 shanghai rubber stock market crisis 1910 panic of 1910 11 financial crisis of 1914 interwar period 1918 1939 early soviet hyperinflation 1917 1924 weimar republic hyperinflation 1921 1923 shōwa financial crisis 1927 wall street crash of 1929 panic of 1930 chinese hyperinflation 1937 1950 wartime period 1939 1945 greek hyperinflation 1941 1946 chinese hyperinflation 1937 1950 post wwii expansion 1945 1973 hungarian pengő hyperinflation 1945 1946 kennedy slide of 1962 chinese hyperinflation 1937 1950 great inflation 1973 1982 1970s energy crisis 1973 1980 1973 oil crisis 1973 1974 stock market crash secondary banking crisis of 1973 1975 steel crisis 1973 1982 latin american debt crisis 1975 1982 1976 sterling crisis 1979 oil crisis brazilian hyperinflation 1980 1982 great moderation great regression 1982 2007 brazilian hyperinflation 1982 1994 souk al manakh stock market crash 1982 chilean crisis of 1982 1983 israel bank stock crisis black saturday 1983 savings and loan crisis 1986 1995 cameroonian economic crisis 1987 2000s black monday 1987 1988 1992 norwegian banking crisis japanese asset price bubble crash 1990 1992 rhode island banking crisis 1990 1992 1991 indian economic crisis 1990 1994 swedish financial crisis 1990s finnish banking crisis 1990s armenian energy crisis cuban special period 1991 2000 black wednesday 1992 sterling crisis hyperinflation in serbia and montenegro 1992 1994 1994 bond market crisis venezuelan banking crisis of 1994 1994 papua new guinea financial crisis mexican peso crisis 1994 1996 1997 asian financial crisis october 27 1997 mini crash 1998 russian financial crisis 1998 1999 ecuador economic crisis 1998 2002 argentine great depression samba effect 1999 dot com bubble 2000 2004 9 11 stock market crash 2001 2001 turkish economic crisis south american economic crisis of 2002 stock market downturn of 2002 2002 uruguay banking crisis 2003 myanmar banking crisis 2000s energy crisis 2003 2008 2004 argentine energy crisis chinese stock bubble of 2007 hyperinflation in zimbabwe 2007 present great recession 2007 2009 2008 financial crisis september 2008 october 2008 november 2008 december 2008 2009 subprime mortgage crisis 2000s u s housing market correction u s bear market of 2007 2009 2008 latvian financial crisis 2008 2009 belgian financial crisis great recession in russia 2008 2009 ukrainian financial crisis 2008 2011 icelandic financial crisis post 2008 irish banking crisis 2008 2014 spanish financial crisis blue monday crash 2009 euro area crisis greek government debt crisis information age 2009 present 2009 dubai debt standstill venezuelan banking crisis of 2009 2010 2010 2014 portuguese financial crisis energy crisis in venezuela 2010 present syrian economic crisis 2011 present august 2011 stock markets fall 2011 bangladesh share market scam 2012 2013 cypriot financial crisis chinese banking liquidity crisis of 2013 venezuela economic crisis 2013 present 2014 brazilian economic crisis puerto rican government debt crisis 2014 2022 russian financial crisis 2014 2016 2015 16 nepal blockade 2015 2016 chinese stock market turbulence 2015 2016 stock market selloff brexit stock market crash 2016 hyperinflation in venezuela 2016 2022 2017 sri lankan fuel crisis ghana banking crisis 2017 2018 turkish economic crisis 2018 current lebanese liquidity crisis 2019 present sri lankan economic crisis 2019 2024 covid 19 pandemic financial market impact 2020 stock market crash recession chinese real estate crisis 2020 present 2021 2023 inflation surge 2022 russian financial crisis pakistani economic crisis 2021 2024 2022 stock market decline german economic crisis 2022 present 2023 united states banking crisis 2023 2024 egyptian financial crisis 2025 stock market crash list of banking crises list of economic crises list of sovereign debt crises list of stock market crashes and bear markets v t e economic history of the united states and commonwealth of nations countries commercial revolution 1000 1760 great bullion famine c 1400 c 1500 great slump 1430 1490 the great debasement 1544 1551 financial revolution 1690 1800 slump of 1706 great frost of 1709 south sea bubble 1713 1720 mississippi bubble 1717 1720 economic impact of the seven years war 1754 1763 1st industrial revolution market revolution 1760 1870 industrial revolution scotland united states wales bengal bubble of 1769 1769 1784 british credit crisis of 1772 1773 american revolutionary war inflation 1775 1783 panic of 1785 1785 1788 copper panic of 1789 panic of 1792 1789 1793 canal mania c 1790 c 1810 panic of 1796 1797 1796 1799 1802 1804 recession carolina gold rush 1802 1825 depression of 1807 1807 1810 1810s alabama real estate bubble alabama fever 1812 recession post napoleonic depression 1815 1821 1822 23 recession panic of 1825 panic of 1826 1828 29 recession georgia gold rush 1828 c 1840 1830s chicago real estate bubble 1833 34 recession panic of 1837 1836 1838 and 1839 1843 u s state defaults in the 1840s railway mania c 1840 c 1850 plank road boom 1844 c 1855 1845 46 recession panic of 1847 1847 1848 california gold rush 1848 1855 british columbia gold rushes queen charlottes gold rush 1851 fraser canyon gold rush 1858 rock creek gold rush 1859 similkameen gold rush 1860 stikine gold rush 1861 cariboo gold rush 1861 1867 wild horse creek gold rush 1863 1870 leechtown gold rush 1864 1865 big bend gold rush c 1865 omineca gold rush 1869 victorian gold rush 1851 c 1870 new south wales gold rush 1851 1880 australian gold rush...