In the 2000-2001 recession, the S&P 500 lost the following in each of quarter of 2001: -23.2%, -39.4%, -35.4%, -24.2%.
Bunk. The S&P 500 index closed on the first day of each quarter at the following:
Jan 2000 = 1455
Apr 2000 = 1505
Jul 2000 = 1469
Oct 2000 = 1436
Jan 2001 = 1283
Apr 2001 = 1145
Jul 2001 = 1236
Oct 2001 = 1038
Jan 2002 = 1154
The first quarter of 2001 lost 10%. The 2nd gained 8% and the 3rd due to September 11th got slaughtered for 16%, but the fourth pulled back for a 11% gain. The entire year saw a 10% loss.
2002 was a different story, Q2 & Q3 got walloped, combined losing 27%.
