Nasdaq · January 9, 1998
Chips took it first
-3.36%
single-day change vs previous close
What happened that day?
- On 9 January 1998 the Nasdaq fell 3.36%
- Indonesia's currency had collapsed and the Asian crisis was spreading again
- The Nasdaq fell harder because of chips. Asia both bought semiconductors and made them
- Weaker Asian demand pushes prices down; Asian makers with cheaper currencies selling harder pushes them down again
- Both sides of that arithmetic worked against US chip companies
- The index still finished the year sharply higher, carried by internet names in the second half
- In this stretch it was down 14.11% from the peak
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.