Nasdaq · March 22, 2000
They raised rates and it went up
+3.25%
single-day change vs previous close
Part of a longer stretch
The eleven weeks when the bubble first broke
early in it · 2000-03-10 → 2000-05-23, -37.32% over the whole period
What happened that day?
- March 22, 2000 — the Nasdaq rose 3.25% to 4,864.75. No single cause for the day could be pinned down
- The Fed had raised rates the day before. Rising anyway is what defines the session
- The reading going around was that the hike was already in the price. Buyers of tech were not watching rates that spring
- It capped two straight gains and was the highest close since March 13
- The record close had come twelve days earlier, on March 10. This was the last run at it
- From March 10 to May 23 the episode ran -37.32%
- Three sessions later it turned down, and never saw that level again
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.