Nasdaq · June 26, 1992
The 1992 growth-stock correction
-15.05%
peak-to-trough, the whole slide
94 trading days · 1992-02-12 → 1992-06-26
back to the old high on 1992-11-24
What happened that day?
- From the 12 February 1992 peak to the 26 June low the Nasdaq fell 15.05% — 94 trading days
- The Nasdaq had risen a long way through 1991 after the Gulf War, with money pouring into biotech in particular
- Drug development pays enormously when it works and mostly does not. Prices built on hope deflate when results arrive
- Trial failures and approval delays came one after another and the related shares collapsed
- A slower-than-expected economic recovery added to it, with unemployment staying high
- The old high returned on 24 November — five months
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.