Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
On this day 18 years ago, the Nasdaq gained 7.9 percent, its best day in history up to that point.
Where The Market Was
The Dow closed at 3,414. The S&P 500 traded at around 1,422.45. Today, the Dow is trading at 24,361.45 and the S&P 500 is trading at 2,689.86.
What Else Was Going On In The World?
In 2000, Sony Corp (ADR) (NYSE: SNE) released the Playstation 2 gaming system in Japan. In Bush vs. Gore, the Supreme Court ruled to end the presidential vote recount in Florida following the 2000 election, making George W. Bush president. Average annual U.S. income was $40,343.
Some Major Nasdaq Green
On the same day the Wall Street Journal published a headline about tech stocks’ hopeless situation, the Nasdaq composite traded higher by 7.9 percent in a single day on May 30, 2000. At the time, the gain was the best single-day performance the index had had since its creation in 1971.
The WSJ story headlined “Too Little Trading Deepens Nasdaq’s Misery: Overhang of Stock Waiting to Be Sold Limits Any Rally” wasn’t necessarily wrong in its bleak assessment of the situation. The Nasdaq had reached its Dot Com Bubble peak on March 10, 2000 and had already plummeted 31 percent by the time May 30 rolled around.
Despite the big day, the bubble was far from fully deflated. Over the next year, the Nasdaq would drop another 47.9 percent.
This Day In Market History: The End Of The World War II Rally
Why The Bitcoin Bubble Is Different From All Other Bubbles
Image credit: bfishadow, Flickr