Nasdaq · November 26, 1973
The day after the energy address
-3.26%
single-day change vs previous close
Part of a longer stretch
The oil shock and the Nasdaq
midway through · 1973-01-11 → 1974-10-03, -59.90% over the whole period
What happened that day?
- November 26, 1973 — the Nasdaq fell 3.26% to 94.13. No single cause for the day could be pinned down
- Oil was short that autumn: the Middle East producers had cut exports
- Over the weekend Washington announced emergency measures — stations closed on Sundays, rationing under consideration
- Telling the country to save fuel is telling it to do less. Earnings forecasts came down with it
- It was the biggest one-day fall of the year, and the second straight decline
- From October 12 to December 24 the episode ran -22.29%
- The slide carried into the next year. The bottom came in the autumn of 1974
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.