The Nasdaq Composite peaked on March 10, 2000, during the dot-com bubble before its major crash.
The index closed at 5,048.62 on that date, after years of enthusiasm for internet and technology companies. Many businesses attracted enormous valuations despite limited revenue, continuing losses, or untested business models. Investors often expected rapid online growth to justify almost any price.
After the peak, technology shares began a prolonged decline. The Nasdaq Composite fell about 78% from its March 2000 peak to its October 2002 low. The collapse damaged investors, employees, and venture-backed companies, although internet infrastructure and several major technology firms continued to develop.
The dot-com crash is not the same as the 2008 financial crisis. It centered on technology-stock valuations, while the later crisis centered heavily on housing finance, banking, and credit markets.