Nasdaq · December 30, 2004
Four months that started when the election ended
+24.30%
trough back to the old high
97 trading days · 2004-08-12 → 2004-12-30
What happened that day?
- From the low on 12 August 2004 to 30 December, the Nasdaq rose 24.3% over 97 trading days
- The election four years earlier had gone unresolved for weeks and shook the market. This one was settled in a day
- What mattered was less the result than how quickly it came. Once the direction of tax and regulation is fixed, firms can commit to spending
- Oil, which had passed fifty dollars in the autumn, eased into year end. Cost worries receded
- Earnings kept improving. By now the profits of technology firms came from real revenue, unlike the dot-com years
- The advance did not last, because the Fed was still raising rates through it
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.