The Nasdaq Composite reached a dot-com-era closing peak of 5,048.62 on March 10, 2000.
The index had risen dramatically during the late-1990s technology boom. Investors poured money into internet and technology companies, including many businesses with little revenue or no profits. Low interest rates, enthusiastic forecasts, and the rapid growth of online commerce helped fuel the enthusiasm.
After the March 2000 peak, the bubble deflated. Many technology shares lost most of their value, venture funding dried up, and numerous internet companies failed or were acquired. The Nasdaq Composite eventually fell to about 1,114 in October 2002, a decline of roughly 78% from its peak.
The Nasdaq level is sometimes confused with the dot-com bubble’s intraday high or with the later record reached in 2021. The 5,048.62 figure specifically refers to the closing value on March 10, 2000, before the prolonged crash.