Nasdaq · November 30, 1998
The autumn internet names caught fire
-3.32%
single-day change vs previous close
What happened that day?
- On 30 November 1998 the Nasdaq fell 3.32%
- That summer the Russian default and a hedge fund collapse had knocked the market down. Three Fed cuts in the autumn sent it straight back up
- Internet names led that rebound. Prices were multiplying on expectation rather than earnings
- A fast run means a sharp give-back, and this was one of those days
- No single trigger can be pinned to it
- The fall was only 3.32% from the peak and the index soon set new records
- This run carried into the surge of 1999
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.