S&P 500 · January 9, 1998
The Asian crisis, second wave
-2.97%
single-day change vs previous close
What happened that day?
- On 9 January 1998 the S&P 500 fell 2.97%
- The Asian crisis, which many thought had passed in October, flared again at the start of the year
- This time it was Indonesia. Its currency collapsed within days and the situation moved beyond anyone's control
- Korea and Thailand were already under international rescue programmes
- For the first time, people began seriously counting how much of US corporate revenue was tied to Asia
- The US economy itself held up, and the year still finished sharply higher
- Peak to trough it was only 5.7%
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.