S&P 500 · October 15, 1999
A warning that prices had gone too far
-2.81%
single-day change vs previous close
What happened that day?
- On 15 October 1999 the S&P 500 fell 2.81%
- An inflation reading that morning came in far above forecast, as the year's rise in oil started to show up in it
- That same week the Fed chair publicly raised the possibility that asset prices had run too far
- When a central bank says stocks look high, it reads as a hint that rates might be used to bring them down
- Those two things pressed on the market repeatedly that autumn
- From the peak the index was down 12.08% before recovering
- The bubble itself did not break for another six months
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.