"Turnaround Tuesday” was the name of the March 9, 1965, Selma to Montgomery civil rights march. It followed the march of March 7, 1965, that was nicknamed “Bloody Sunday.”
Wall Street has experienced many financially successful Tuesdays; many newspaper articles had noted a Tuesday turnaround following a down Monday. The term “Turnaround Tuesday” became a Wall Street catchphrase, however, after Tuesday, October 28, 1997. On Monday, October 27, 1997, the Dow Jones Industrial Average opened at 7,715.41 and closed at 7,161.15. On Tuesday, the DJIA reached a low of 6,936.45, but closed at 7,498.32. “Oct. 28—a day that’s become known as Turnaround Tuesday,” one newspaper stated in November 1997.
“The Stock Market’s Ridiculous Tuesday Streak Lives On” was the title of a Wall Street Journal blog article on April 23, 2013; the stock market had rallied for 15 straight Tuesdays (the would continue until reaching 20 straight weeks). The WSJ blog searched for a name for the phenomenon:
“The nickname ‘Turnaround Tuesday’ has long been passed around trading desks to describe the market’s tendency to rebound following a difficult start to the week.”
Similar Wall Street nicknames for Tuesday include “Rally Tuesday,” “Turbo Tuesday” and “Terrific Tuesday.”
Wikipedia: Selma to Montgomery marches
First March: “Bloody Sunday”
On March 7, 1965, an estimated 525 to 600 civil rights marchers headed east out of Selma on U.S. Highway 80.
Second March: “Turnaround Tuesday”
Immediately after “Bloody Sunday,” Bevel, Nash, King and others began organizing a second march to be held on Tuesday, March 9, 1965. They issued a call for clergy and citizens from across the country to join them. Awakened to issues of civil and voting rights by years of Civil Rights struggles, from the Montgomery Bus Boycott to Freedom Summer, and shocked by the television images of “Bloody Sunday,” hundreds of people responded to SCLC’s call.
Volume 345, Issues 8041-8045
“Turnaround Tuesday” was hailed by common acclaim in New York. But there was a bigger debate about what to call October 27th. The Wall Street Journal had a “Bloody Monday”, a “Grey Monday” and a “Messy Monday” in the same edition.
1 November 1997, Fort Worth (TX) Star-Telegram, “Wall Street’s weird week leaves pundits wordless,” Business, pg. 25:
NEW YORK - As one of Wall Street’s most tumultuous weeks winds down, there is still some unfinished business for the pundits and historians. What do we call this past Monday, when stock markets in the U.S. dropped so precipitously that they were forced to close not once but twice? And how should we refer to Tuesday, a day when investors feverishly bought back stocks, resulting in the largest point gain ever in the Dow Jones industrial average?
We must be tiring of using colors, as many in the media begin calling this day “Turnaround Tuesday.” For some reason, that one doesn’t sound like it’s going to stick.
9 November 1997, Dallas (TX) Morning News, “Wall Street panic was ho-hum day for some investors” by Jim Wright:
Then Turnaround Tuesday added the biggest point gain ever.
22 November 1997, Austin (TX) American-Statesman A number of investors haven’t seen ‘bad bear’”. pg. 1:
But to hear Newsweek tell it, the idea that the small investor bailed out the market on Oct. 28—a day that’s become known as Turnaround Tuesday, ...
The Compleat Day Trader II
By Jacob Bernstein
New York, NY: McGraw-Hill
Such myths as “turnaround Tuesday” or “trouble Thursday” have circulated among traders for many years.
The Wall Street Journal—Moneybeat blog
Apr 23, 2013
The Stock Market’s Ridiculous Tuesday Streak Lives On
By Steven Russolillo
Check out this stat: The Dow is on pace for its 15th straight Tuesday rally of the year.
But Tuesdays are trickier to decipher. The nickname “Turnaround Tuesday” has long been passed around trading desks to describe the market’s tendency to rebound following a difficult start to the week.
We consulted the Stock Trader’s Almanac to see if there’s anything to this legend. Turns out, there is. From the Almanac:
During the last eleven and a third years, Tuesday has produced the most gains. Since the top in 2000, traders have not been inclined to stay long over the weekend nor buy up equities at the outset of the week. This is not uncommon during uncertain market times. Monday was the worst day during the 2007-09 bear, and only Tuesday was a net gainer.