The Nasdaq Composite reached its all-time closing peak before the dot-com crash on March 10, 2000.
The index closed at 5,048.62 on that date, after reaching an intraday high of 5,132.52. Its rise reflected extraordinary enthusiasm for internet and technology companies, many of which had attracted enormous valuations despite limited revenue or no profits.
After the peak, investors began to reassess growth expectations, business models, and the cost of financing speculative companies. The Federal Reserve had also been raising interest rates, making high-growth stocks less attractive when valued on distant future earnings. The Nasdaq subsequently fell for more than two years.
The closing peak and intraday peak are commonly confused. March 10, 2000, is the date for both, but 5,048.62 is the closing level and 5,132.52 is the intraday high. The index later set a new closing record in 2015.