S&P 500 · March 16, 2000
The day the money changed sides
+4.76%
single-day change vs previous close
What happened that day?
- On 16 March 2000 the S&P 500 rose 4.76%, and the Dow set its largest point gain to that date
- The Nasdaq had topped out six days earlier, on 10 March. Money was starting to leave technology
- It did not disappear. It moved — into manufacturers, banks and retailers
- Those companies had been called the old economy and left alone for years, which is exactly why they were cheap
- The Nasdaq barely rose that day. The two indexes moved in opposite directions
- This was the signal that the regime had changed. For the next several years, technology did not lead
- The S&P 500's fall from its peak in this stretch was 9.25%
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.