Nasdaq in 1998

The Nasdaq Composite rose 39.6% in 1998, from 1,570.35 at the end of 1997 to 2,192.69. Its highest close was 2,192.69 on Dec 31 — a record that stood until January 4, 1999, and its lowest 1,419.12 on Oct 8. The biggest one-day fall was −8.6% on Aug 31 and the biggest rise +6.0% on Sep 8. Adjusted for inflation, it gained 37.4%.

Change in 1998

+39.6%

1,570.35 → 2,192.69

High

2,192.69

Dec 31

Low

1,419.12

Oct 8

After inflation

+37.4%

US CPI

Up days

145 of 252

longest run 9 up, 4 down

Record highs

closing records

Nasdaq, daily closes 1998

Numbers mark the events below

Key Events in 1998

What happened, and how the Nasdaq moved — on the day (or the next trading day) and about a month later.

1
Monday, February 23 From the data

sets the first of 36 record closing highs this year, at 1,751.76.
2
Thursday, July 16 From the data

closes above 2,000 for the first time (2,000.56).
3
Monday, August 17

Russia devalues the ruble, defaults on domestic debt and declares a moratorium on foreign debt payments. Source

Nasdaq: +1.6% that day · −6.3% a month later
4
Monday, August 31 From the data

Enters a bear market: 20% below its peak of 2,014.25 (July 20, 1998). Biggest one-day fall of the year: −8.6%.
5
Tuesday, September 8 From the data

Biggest one-day rise of the year: +6.0%.
6
Wednesday, September 23

New York Fed organizes a $3.6 billion recapitalization of Long-Term Capital Management by 14 institutions. Source

Nasdaq: +3.7% that day · −1.4% a month later
7
Thursday, October 8 From the data

Bear market low: 1,419.12, 29.5% below the peak.
8
Thursday, October 15

Fed cuts its federal funds target to 5.00%. Source

Nasdaq: +4.5% that day · +20.1% a month later
9
Friday, November 27 From the data

Back above its pre-bear-market peak of 2,014.25 (July 20, 1998).
10
Thursday, December 31 From the data

Last record close of the year: 2,192.69.

Biggest days of 1998

Best days		Worst days
Sep 8	+6.0%	Aug 31	−8.6%
Oct 9	+5.2%	Oct 5	−4.8%
Sep 1	+5.1%	Oct 1	−4.8%
Oct 15	+4.5%	Aug 27	−4.6%
Sep 23	+3.7%	Aug 4	−3.5%

Volatility: 26.4% (annualised standard deviation of daily changes).

Month by month

Month	Close	Change	High	Low
Jan	1,619.36	+3.1%	1,619.49	1,503.22
Feb	1,770.51	+9.3%	1,777.11	1,652.89
Mar	1,835.68	+3.7%	1,835.68	1,711.92
Apr	1,868.41	+1.8%	1,917.61	1,798.71
May	1,778.87	−4.8%	1,878.86	1,778.09
Jun	1,894.74	+6.5%	1,894.74	1,715.75
Jul	1,872.39	−1.2%	2,014.25	1,872.39
Aug	1,499.25	−19.9%	1,855.12	1,499.25
Sep	1,693.84	+13.0%	1,760.27	1,566.52
Oct	1,771.39	+4.6%	1,771.39	1,419.12
Nov	1,949.54	+10.1%	2,016.44	1,788.43
Dec	2,192.69	+12.5%	2,192.69	1,954.33

Other Markets in 1998

Change over the calendar year.

Market	Change	Year-end
Nasdaq	+39.6%	2,192.69
Dow Jones Industrial Average in 1998	+16.1%	9,181.43
S&P 500 in 1998	+26.7%	1,229.23
Russell 2000 in 1998	−3.4%	421.96
Nikkei 225 in 1998	−9.3%	13,842.17
Gold in 1998	−0.8%	$287.80
Silver in 1998	−16.2%	$5.01
WTI crude oil in 1998	−31.2%	$12.14
Brent crude oil in 1998	−33.5%	$10.54
US 10-year Treasury yield in 1998	−1.10 pp	4.65%

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

Nasdaq in 1998: FAQ

How much did the Nasdaq Composite rise in 1998?

What were the highest and lowest closes of the Nasdaq Composite in 1998?

Highest: 2,192.69 on December 31, 1998. Lowest: 1,419.12 on October 8, 1998. It closed higher on 145 of 252 trading days.

What happened to the Nasdaq Composite on October 15, 1998?

Fed cuts its federal funds target to 5.00%. The Nasdaq Composite rose 4.5% that day, and was +20.1% a month later.

Did the Nasdaq Composite reach a record high in 1998?

Yes — 36 record closing highs, the last at 2,192.69 on December 31, 1998.

Data: Daily closes since the index began at 100 on 5 Feb 1971. Price index: dividends are not included. Inflation: US CPI-U. Events marked "From the data" are found automatically from the closing prices; the others are researched, with the source linked. Not investment advice.