Which technology-heavy U.S. stock index became a symbol of the dot-com crash?

The Nasdaq Composite became a symbol of the dot-com crash because it was heavily weighted toward technology and internet companies.

The index surged during the late-1990s dot-com bubble as investors bought shares in companies associated with the internet, often despite limited revenue or profits. The Nasdaq Composite reached an intraday peak of 5,132.52 on March 10, 2000.

After the bubble burst, technology shares declined dramatically. The Nasdaq fell about 78% from its peak to its October 2002 low. Many internet startups failed, while established technology companies also suffered large losses in market value. The crash followed rising interest rates, stricter assessments of business prospects, and growing recognition that many valuations were unsustainable.

The episode did not end the internet’s economic importance. Companies with durable business models eventually grew, and the technology sector later became central to global markets. The crash instead showed that a transformative technology could still be surrounded by excessive speculation.