Market Overview

This Day In Market History: S&P 500 Hits 1,300 For The First Time

This Day In Market History: S&P 500 Hits 1,300 For The First Time

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.

What Happened?

On this day in 1999, the S&P 500 closed above 1,300 for the first time.

Where The Market Was

The Dow finished the day at 9,958.77. The S&P 500 finished at 1,307.26. Today, the Dow is trading at 25,709 and the S&P 500 is trading at 2,808.

What Else Was Going On In The World?

In 1999, companies around the world tested software in preparation for the Y2K bug. Ford Motor Company (NYSE: F) acquired Volvo for $6.45 billion. Average monthly rent in the U.S. was $645.

The Dot-Com Boom

It took the S&P 500 just three months to make it from 1,200 to 1,300 for the first time in March 1999 during the peak of the dot-com frenzy. Four months later, the index topped 1,400. 

After peaking at 1,553.11 in March 2000, the S&P 500 began its dot-com sell-off, which would require several years of recovery. The index ultimately bottomed at 768.63, shedding roughly half of its value over a three-year period.

The S&P 500 appeared poised to topple 1,600 again in 2007, reaching as high as 1,576.09 before the financial crisis sent it tumbling back to a 2009 low of 666.76. After plowing through 1,200, 1,300, 1,400 and 1,500 in a little over a year’s time, it took the S&P 500 roughly 13 years to reach 1,600 in 2013.

Related Links:

This Day In Market History: The Panic Of 1907

Goldman Compares 'FAAMG' Stocks To High-Flyers Of The Dot-Com Bubble

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