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Quote of the Day
“At the end of the week I found myself repeatedly drawn to shorting Berkshire Hathaway. That premium-selling repository of brands that once sold at a premium seems ripe for the banging”.
-Jim Cramer, on March 10th, 2000. Ironically, the day that Berkshire Hathaway shares would reach their low during the dot com bubble of $41,300. Also coincidentally (or perhaps not!), this is also the day that the Nasdaq bubble peaks at 5,048 – starting a two and a half year, 78% decline. (Berkshire shares would rise 65% over those two and a half years)
March 10th – This Day in Stock Market History
March 10th, 1999 – NASDAQ introduces an ETF called the NASDAQ 100 tracking stock, now known as “the Q’s” or “Qubes”, from its ticker symbol QQQ. Within a couple years the Qs would be the most heavily traded security on the New York Stock Exchange. Today the ETF has more than $63 billion in assets.
March 10th, 2000 – The Nasdaq closes as 5,048.62, up 24% just since the new year (the index would trade as high as 5,132.52 during the day). But this is where the NASDAQ’s monumental climb would end – today marks the peak of the tech bubble. From this day in 2000, the NASDAQ would decline for two and a half years before finally bottoming at 1,114 on October 9th, 2002, a decline of 78%.
March 10th, 2009 – Japan’s Nikkei index closes at 7,054.98, an 81 percent decline from its peak of 38,916 on December 29th, 1989. This day in 2009 would mark a low after a 20 year long decline in the Nikkei index.
To this day, the Nikkei has yet to recover from its 1990 bubble!
Best March 10th in Dow Jones Industrial Average History
2009 – Up 5.80%, 379.44 points.
(See our video of the day below for more)
Worst March 10th in Dow Jones Industrial Average History
1988 – Down 2.33%, 48.24 points.
Video of the Day
March 9th 2009 marked the bottom of the great recession. Of course no one knew at the time how low the markets would go. But on this day, March 10th 2009, CNBC anchor Mark Haines made his infamous “Haines Bottom” call. By the end of the day, the market would rally more than 5%, closing the day up 5.80%, up 379 points on the Dow Jones Industrial Average.
Mark Haines Calls the Stock Market Bottom, March 10, 2009 from CNBC.
Go To Next Day: March 11th, 1942 – Warren Buffett Buys His First Stock –>