It was all doom and gloom with investors, business owners and nearly everyone who collected a pay cheque in the early days of 2009. The financial world looked ready for a meltdown, having witnessed the almost unthinkable collapse of some of Wall Street's titans and the near death of credit market flows necessary to keep the economy humming.

By year's end, though, moods were significantly brighter. Financial markets, retirement savings, and careers took a serious bruising in 2009 -- but just 12 months later, hopeful, optimistic attitudes made a cautious comeback.

After sinking to half-decade lows in the gloomy days of March, the S&P/TSX index of the Toronto Stock Exchange, the top third search of the year, made a sharp recovery in the months that followed. The loonie came along for the ride, climbing to near parity at year's end. Only a few months after all the stark warnings of The Great Depression 2.0, both the U.S. and Canadian economies were growing again in the second half of the year. Even the automakers that had declared bankruptcy, Chrysler and General Motors, were showing sales gains.

Possibly thanks to emergency government measures, the turnaround happened sooner rather than later, but the surge in the money supply sparked concerns that inflation could come back to haunt the world, and fresh doubts arose about the stability of the greenback. Gold glittered, with prices catapulting into record territory to well beyond $1,000 an ounce.

Retirement portfolios were looking better, but losses were still gut-wrenching for the many that are approaching the end of their working years. Frugality ruled the day, as coupons were anxiously clipped and cheap hotels booked.

Home sales and prices sprung back to life during the spring, but many wondered whether that activity would stick around when more normal interest rates return. Indeed, MLS, which details homes for sale across Canada, was the top search of the year.

The financial catastrophe that many feared for 2009 never materialized. But it appears it will be a long road to a full recovery –- and one that may not offer an easy ride.