Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
What Happened? On March 22, 2000, the S&P 500 closed above 1,500 for the first time.
Where The Market Was: The Dow finished the day at 10,866.70. The S&P 500 finished at 1,500.64.
What Else Was Going On In The World? In 2000, the Supreme Court ruled in Bush v. Gore to end a vote recount, awarding the presidency to George W. Bush. Sony Corp (ADR) (NYSE:SNE) launched the Playstation 2 console in Japan. A gallon of gas cost $1.26.
Last Market Milestone Of The Dot-Com Bubble: It took the S&P 500 just three months to make it from 1,200 to 1,300 for the first time in March 1999 and another four months to top 1,400.
Nine months later, the S&P 500 topped 1,500 for the first time in March 2000. After peaking at 1,553.11 in March 2000, the S&P 500 began its dot-com sell-off, which would require several years of recovery. The index ultimately bottomed at 768.63, shedding roughly half its value over a three-year period.
The S&P 500 appeared poised to top 1,600 again in 2007, reaching as high as 1,576.09 before the financial crisis sent it tumbling back to a 2009 low of 666.76. After plowing through 1,200, 1,300, 1,400 and 1,500 in a little over a year’s time, it took the S&P 500 roughly 13 years to reach 1,600 in 2013.
The S&P 500 trades around 4,461 at press time.
