7th anniversary of the beginning of a painful lesson
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ANNANDALE, Va. (MarketWatch) -- This weekend marks a dubious anniversary: the 7th anniversary of the beginning of the end of the Internet bubble.
It was on March 10, 2000, that the Nasdaq Composite index closed at its all-time high of 5,048.62. By the time all the air in the Internet bubble had been let out, some 2-1/2 years later on Oct.9, 2002, that benchmark stood at 1,114.11 some 78% lower than where it stood at the top.
That drop was so huge, in fact, that even with the Nasdaq's 114% gain since that bear-market low, it still stands today nearly 53% lower than where it stood prior to the bubble bursting.
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