Today marks the 17th anniversary of the stock market bottoming during the Global Financial Crisis. On March 9, 2009, the S&P 500 set a closing low of 676. It’s never looked back since.
On Sept. 20, 2010, the National Bureau of Economic Research (NBER) announced that the Great Recession was not only over, but it had also actually ended in June 2009.
In other words, the U.S. economy was more than a year into its recovery when the NBER dated the cycle.
If you had asked me about that call in late 2010, I would’ve told you the NBER got it wrong, and the recession was ongoing. But I would’ve been wrong.