A chart showing the daily S&P 500 return from Jan. 2, 1970, to April 10, 2025. Periods in which a daily loss of 5% or more was followed by a daily gain of 5% or more (or vice versa) are highlighted. Such swings have happened four times since 1970: 1987's Black Monday, the 1997 Asian financial crisis, the 2008 global financial crisis and the 2020 COVID pandemic.