Nasdaq · June 26, 2008
The day oil set its record
-3.33%
single-day change vs previous close
Part of a longer stretch
A halving that took seventeen months
midway through · 2007-10-31 → 2009-03-09, -55.63% over the whole period
What happened that day?
- June 26, 2008 — the Nasdaq fell 3.33% to 2,321.37. No single cause for the day could be pinned down
- Oil set a record that day, roughly doubling inside a year
- A large investment bank cut its view on financial stocks the same morning and told clients to sell some of them
- It was the lowest close since April 15, undoing the calmer spring
- From June 5 to October 24 the episode ran -39.13%
- Oil broke in July — and from then on the banks, not the barrel, were the problem
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.