Nasdaq · September 3, 1999
Why tech jumped further
+3.98%
single-day change vs previous close
What happened that day?
- On 3 September 1999 the Nasdaq rose 3.98%, more than the S&P 500 did that day
- The trigger was the same: a softer August jobs report reduced the fear of more rate rises
- The Nasdaq jumped further because of what it holds — companies whose profits sit far in the future
- Those valuations are divided by the interest rate. A small move in the rate changes the answer a lot
- A higher share of stock bought on borrowed money pushed the same way
- In this stretch the index had been 13.07% below its peak
- From here it rose sharply again over the next four 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.