Nasdaq · April 28, 2005
Four months pressed by rates and oil
-12.59%
peak-to-trough, the whole slide
82 trading days · 2004-12-30 → 2005-04-28
still below that peak today
What happened that day?
- From the high on 30 December 2004 to the low on 28 April 2005, the Nasdaq fell 12.59% over 82 trading days
- The Fed raised at every meeting through these four months. Each step was small, but it became clear there would be no pause
- Oil climbed again, passing fifty dollars a barrel in the spring
- The market's worry here was not recession but cost. Goods were selling, yet making and moving them was getting dearer
- Technology fell further because it had gained more in the two preceding years. What has risen most is sold first
- This was less a correction caused by worse earnings than one caused by prices having run ahead
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.