Nasdaq · September 3, 2002
The last leg down before the bottom
-3.88%
single-day change vs previous close
Part of a longer stretch
Nine months when the books could not be trusted
near the end of it · 2002-01-04 → 2002-10-09, -45.90% over the whole period
What happened that day?
- The Nasdaq fell 3.88% on the day
- The August manufacturing survey weakened again, meaning the recovery seen in spring had stalled
- The summer rally was over and the final decline began here, about a month before the 9 October bottom
- Rising odds of war in Iraq were pushing oil up at the same time
- The market of this period expected a second recession. It never came, but prices were set as if it would
- The level reached on 9 October was about a fifth of the March 2000 high
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.