Nasdaq · November 15, 2012
Two months of a stumbling giant and a blocked budget
-10.90%
peak-to-trough, the whole slide
42 trading days · 2012-09-14 → 2012-11-15
still below that peak today
What happened that day?
- From the high on 14 September 2012 to the low on 15 November, the Nasdaq fell 10.9% over 42 trading days
- The largest company in the index at the time released a new phone that was badly received over its mapping service. That single name dragged the index
- When one company's weight in an index grows large, its own troubles start to look like the whole market's picture. This was such a period
- In the US, tax cuts were due to expire at year end and spending cuts were set to start automatically. It was called the fiscal cliff
- The November election left the make-up of Congress unchanged, so agreement looked hard, and the low came right after the vote
- A deal at year end ended the correction after two months, and a long advance began from there
Sources
Every figure on this page is recomputed from the original daily closing prices and checked against them at build time. The account of what happened is written from the sources listed above.