CHART: Spain's Stock Market Closes At 9-Year Low, Worth Less Than It Was In 1997

The IBEX 35 closed at nine-year lows, finally breaking its lowest value since the financial crisis began—6,817.4 points in March 2009.

The index ended trading today at 6,812.10, after falling 2.78 per cent on the day. It had been trading far lower on the day, however, at one point down to 6,733.

This is the lowest value of the index since October 2, 2003, when it closed at 6,762.4 points. This gives the IBEX a value lower than it had on September 16, 1997, the first time it surpassed this level to close at 6,879.90.

Spanish equities have been in free-fall since late March. Around that time, enthusiasm generated by two long-term refinancing operations from the European Central Bank—in which the bank pumped cheap cash to banks—finally began to wear off.

Take a look at the IBEX 35 since May 2, 2000:

spain ibex 35 since 2000

Photo: Yahoo Finance

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