Nasdaq · December 1, 2008
Recession confirmed, Nasdaq falls
-8.95%
single-day change vs previous close
Part of a longer stretch
A halving that took seventeen months
near the end of it · 2007-10-31 → 2009-03-09, -55.63% over the whole period
What happened that day?
- On 1 December 2008 the Nasdaq fell 8.95% in a single day
- It was the day the body that dates US business cycles announced the recession had begun in December 2007
- The country had been in recession the whole year and only now was it confirmed. Such calls always lag the data
- For tech, recession means corporate IT spending and advertising budgets falling together
- Manufacturing figures and car sales released the same day were also bad, deepening the drop
- A large rally the week before made the give-back bigger. The Nasdaq's low came in March 2009
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.