S&P 500 · May 30, 2000

Betting the rate rises were over

+3.22%

single-day change vs previous close

Part of a longer stretch

The dot-com bust hits the S&P 500

early in it · 2000-03-24 → 2002-10-09, -49.15% over the whole period

What happened that day?

30 May 2000 — the S&P 500 rose 3.22%. No single cause for that one day could be pinned down
The previous day was a US holiday, so this was the first session back
One question ran the market then: would the Fed raise rates again
It had just delivered a large increase that May, and whether that was the last one was the whole argument
It was in fact the last one. The next move was a cut in January the following year
The decline continued anyway. By this point the problem was not the price of money but the earnings of the technology companies
From the late-March high to the mid-April low the index fell 11.19%, only a fraction of the damage the Nasdaq took

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 put together from the public record; where a specific source was consulted it is listed above.