This Day In Market History: S&P 500 Hits 1,300 For The First Time

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.

What Happened? On this day in 1999, the S&P 500 closed above 1,300 for the first time.

Where The Market Was: The Dow finished the day at 9,958.77. The S&P 500 finished at 1,307.26.

What Else Was Going On In The World? In 1999, companies around the world tested software in preparation for the Y2K bug. Ford Motor Company F acquired Volvo for $6.45 billion. The average monthly rent in the U.S. was $645.

The Dot-Com Boom: 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 during the peak of the dot-com frenzy. Four months later, the index topped 1,400. 

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 of its value over a three-year period.

The S&P 500 appeared poised to topple 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.