NASDAQ's 1,000 point march to 9,000 took a bit longer than usual
The jump from 8,000 points to 9,000 points for the NASDAQ on Thursday was the second-longest time period for a 1,000 point move since the exchange first cracked 2,000 points in 1998.
The tech-heavy exchange hit 8,000 on Aug. 27, 2018. It took 335 days to march to the next 1,000 points. And while the likes of Facebook, Apple, Microsoft and Alphabet/Google have long been drivers of the NASADAQ, the push from 8,000 to 9,000 was bolstered by non-tech-performers such as Starbucks and Lululemon Athletica, both of which have seen their shares rise more than 65 percent since last August. Other big movers since the last 1,000 points include well-known brands such as Charter Communications, which is up 60 percent, and Advanced Micro Devices, up 85 percent.
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The 335 days to make that move was only second to the 4,308 days it took to get from 5,000 on March 9, 2000, to break through to 6,000 on April 25, 2017. Of course in the those 16 years, 11 months and 16 days between the two milestones the economy and the country saw the bursting of the internet stock bubble, the 9/11 attacks, the start of the “War on Terror” in Iraq and Afghanistan, Hurricane Katrina, the Great Recession of 2008 and the beginning of the bear market that would last until 2009.
Three of the five biggest drops in NASDAQ history came during those 4,000-plus days.
- April 14, 2000 – Close: 3,3229 (Drop of 355.49).
- April 3, 2000 – Close 4,223.68 (Drop of 349.15).
- Oct. 24, 2010 – Close 7,108.40 (Drop of 329.14).
- Oct. 19, 2018 – Close 7,422.05 (Drop of 315.97).
- April 12, 2000 – Close 3769.63 (Drop of 286.27).
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But that is the past, the NASDAQ has been on fire. It is up more than 37 percent for the year with three trading days remaining, and since the bear market days of 2009, it is up nearly 600 percent.
Here’s a look at the 1,000 NASDAQ’s thousand point milestones:
- July 7, 1995 — 1000 points (opened for trading on Feb. 4, 1971).
- July 16, 1998 — 2000 points (758 days to move 1,000 points).
- Nov. 3, 1999 — 3000 points (329 days to move 1,000 points).
- Dec. 29, 1999 — 4000 points (38 days to move 1,000 points).
- March 9, 2000 — 5000 points (49 days to move 1,000 points).
- April 25, 2017 — 6000 points (4,308 days to move 1,000 points).
- Jan. 2, 2018 — 7000 points (174 days to move 1,000 points).
- Aug. 27, 2018 — 8000 points (164 days to move 1,000 points).
- Dec. 26, 2019 — 9000 points (335 days to move 1,000 points)