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Nasdaq in 1998

The Nasdaq Composite rose 39.6% in 1998, from 1,570.35 at the end of 1997 to 2,192.69. Its highest close was 2,192.69 on Dec 31 — a record that stood until January 4, 1999, and its lowest 1,419.12 on Oct 8. The biggest one-day fall was −8.6% on Aug 31 and the biggest rise +6.0% on Sep 8. Adjusted for inflation, it gained 37.4%.

Change in 1998
+39.6%
1,570.35 → 2,192.69
High
2,192.69
Dec 31
Low
1,419.12
Oct 8
After inflation
+37.4%
US CPI
Up days
145 of 252
longest run 9 up, 4 down
Record highs
36
closing records

Nasdaq, daily closes 1998

Numbers mark the events below
1,4921,8062,120previous recordJanFebMarAprMayJunJulAugSepOctNovDec1Feb 23: Nasdaq sets the first of 36 record closing highs this year, at 1,751.76.2Jul 16: Nasdaq closes above 2,000 for the first time (2,000.56).3Aug 17: Russia devalues the ruble, defaults on domestic debt and declares a moratorium on foreign debt payments.4Aug 31: Enters a bear market: 20% below its peak of 2,014.25 (July 20, 1998). Biggest one-day fall of the year: −8.6%.5Sep 8: Biggest one-day rise of the year: +6.0%.6Sep 23: New York Fed organizes a $3.6 billion recapitalization of Long-Term Capital Management by 14 institutions.7Oct 8: Bear market low: 1,419.12, 29.5% below the peak.8Oct 15: Fed cuts its federal funds target to 5.00%.9Nov 27: Back above its pre-bear-market peak of 2,014.25 (July 20, 1998).10Dec 31: Last record close of the year: 2,192.69.

Key Events in 1998

What happened, and how the Nasdaq moved — on the day (or the next trading day) and about a month later.

  1. 1
    Monday, February 23 From the data
    Nasdaq sets the first of 36 record closing highs this year, at 1,751.76.
  2. 2
    Thursday, July 16 From the data
    Nasdaq closes above 2,000 for the first time (2,000.56).
  3. 3
    Monday, August 17
    Russia devalues the ruble, defaults on domestic debt and declares a moratorium on foreign debt payments. Source
    Nasdaq: +1.6% that day · −6.3% a month later
  4. 4
    Monday, August 31 From the data
    Enters a bear market: 20% below its peak of 2,014.25 (July 20, 1998). Biggest one-day fall of the year: −8.6%.
  5. 5
    Tuesday, September 8 From the data
    Biggest one-day rise of the year: +6.0%.
  6. 6
    Wednesday, September 23
    New York Fed organizes a $3.6 billion recapitalization of Long-Term Capital Management by 14 institutions. Source
    Nasdaq: +3.7% that day · −1.4% a month later
  7. 7
    Thursday, October 8 From the data
    Bear market low: 1,419.12, 29.5% below the peak.
  8. 8
    Thursday, October 15
    Fed cuts its federal funds target to 5.00%. Source
    Nasdaq: +4.5% that day · +20.1% a month later
  9. 9
    Friday, November 27 From the data
    Back above its pre-bear-market peak of 2,014.25 (July 20, 1998).
  10. 10
    Thursday, December 31 From the data
    Last record close of the year: 2,192.69.

Biggest days of 1998

Best daysWorst days
Sep 8+6.0%Aug 31−8.6%
Oct 9+5.2%Oct 5−4.8%
Sep 1+5.1%Oct 1−4.8%
Oct 15+4.5%Aug 27−4.6%
Sep 23+3.7%Aug 4−3.5%

Volatility: 26.4% (annualised standard deviation of daily changes).

Month by month

MonthCloseChangeHighLow
Jan1,619.36+3.1%1,619.491,503.22
Feb1,770.51+9.3%1,777.111,652.89
Mar1,835.68+3.7%1,835.681,711.92
Apr1,868.41+1.8%1,917.611,798.71
May1,778.87−4.8%1,878.861,778.09
Jun1,894.74+6.5%1,894.741,715.75
Jul1,872.39−1.2%2,014.251,872.39
Aug1,499.25−19.9%1,855.121,499.25
Sep1,693.84+13.0%1,760.271,566.52
Oct1,771.39+4.6%1,771.391,419.12
Nov1,949.54+10.1%2,016.441,788.43
Dec2,192.69+12.5%2,192.691,954.33

Other Markets in 1998

Change over the calendar year.

MarketChangeYear-end
Nasdaq+39.6%2,192.69
Dow Jones Industrial Average in 1998+16.1%9,181.43
S&P 500 in 1998+26.7%1,229.23
Russell 2000 in 1998−3.4%421.96
Nikkei 225 in 1998−9.3%13,842.17
Gold in 1998−0.8%$287.80
Silver in 1998−16.2%$5.01
WTI crude oil in 1998−31.2%$12.14
Brent crude oil in 1998−33.5%$10.54
US 10-year Treasury yield in 1998−1.10 pp4.65%
1990199119921993199419951996199719981999

Nasdaq in 1998: FAQ

How much did the Nasdaq Composite rise in 1998?

The Nasdaq Composite rose 39.6% in 1998, from 1,570.35 at the end of 1997 to 2,192.69. Its highest close was 2,192.69 on Dec 31 — a record that stood until January 4, 1999, and its lowest 1,419.12 on Oct 8. The biggest one-day fall was −8.6% on Aug 31 and the biggest rise +6.0% on Sep 8. Adjusted for inflation, it gained 37.4%.

What were the highest and lowest closes of the Nasdaq Composite in 1998?

Highest: 2,192.69 on December 31, 1998. Lowest: 1,419.12 on October 8, 1998. It closed higher on 145 of 252 trading days.

What happened to the Nasdaq Composite on October 15, 1998?

Fed cuts its federal funds target to 5.00%. The Nasdaq Composite rose 4.5% that day, and was +20.1% a month later.

Did the Nasdaq Composite reach a record high in 1998?

Yes — 36 record closing highs, the last at 2,192.69 on December 31, 1998.

Data: Daily closes since the index began at 100 on 5 Feb 1971. Price index: dividends are not included. Inflation: US CPI-U. Events marked "From the data" are found automatically from the closing prices; the others are researched, with the source linked. Not investment advice.

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APA 7
Corgano. (2026, November 1). Nasdaq in 1998. Corgano Gold Price. Retrieved November 1, 2026, from https://goldprice.corgano.com/market-history/nasdaq/1998
MLA 9
“Nasdaq in 1998.” Corgano Gold Price, goldprice.corgano.com/market-history/nasdaq/1998. Accessed 1 Nov. 2026.
Chicago
Corgano. “Nasdaq in 1998.” Corgano Gold Price. Accessed November 1, 2026. https://goldprice.corgano.com/market-history/nasdaq/1998.
BibTeX
@misc{corgano2026nasdaqin1998, author = {{Corgano}}, title = {Nasdaq in 1998}, howpublished = {\url{https://goldprice.corgano.com/market-history/nasdaq/1998}}, year = {2026}, note = {Corgano Gold Price, accessed 2026-11-01}}
Link
Nasdaq in 1998 — Corgano Gold Price: https://goldprice.corgano.com/market-history/nasdaq/1998