Nasdaq · May 11, 2000

Taking back the day before

+3.39%

single-day change vs previous close

Part of a longer stretch

The eleven weeks when the bubble first broke

near the end of it · 2000-03-10 → 2000-05-23, -37.32% over the whole period

What happened that day?

11 May 2000 — the Nasdaq rose 3.39% to close at 3,499.58. No single cause can be pinned to the day
The index had collapsed in a single session the day before. This took part of it back
It had already fallen a long way over two months from the March high. In such a stretch, swings of several per cent a day are ordinary
The worry then was rates. The Fed was still raising to cool the bubble and the next meeting was approaching
When rates rise, the companies with no profits yet get into trouble first — and the Nasdaq is full of them
From the 10 March high to the 23 May low the index fell 37.32%
This bounce did not end the episode either. The low came about two weeks later

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 put together from the public record; where a specific source was consulted it is listed above.