A stock market bubble is a type of economic bubble taking place in stock markets when market participants drive stock prices above their value in relation to some system of stock valuation .
64-602: The dot-com bubble (or dot-com boom ) was a stock market bubble that ballooned during the late-1990s and peaked on Friday, March 10, 2000. This period of market growth coincided with the widespread adoption of the World Wide Web and the Internet , resulting in a dispensation of available venture capital and the rapid growth of valuations in new dot-com startups . Between 1995 and its peak in March 2000, investments in
128-433: A general glut in the job market. University enrollment for computer-related degrees dropped noticeably. Aeron chairs , which retailed for $ 1,100 each, were liquidated en masse. As growth in the technology sector stabilized, companies consolidated; some, such as Amazon.com , eBay , Nvidia and Google gained market share and came to dominate their respective fields. The most valuable public companies are now generally in
192-453: A new economy where the old stock valuation rules may no longer apply. This type of thinking helps to further propagate the bubble whereby everyone is investing with the intent of finding a greater fool . Still, some analysts cite the wisdom of crowds and say that price movements really do reflect rational expectations of fundamental returns. Large traders become powerful enough to rock the boat, generating stock market bubbles. To sort out
256-409: A conservative or contrarian position as a bubble builds results in performance unfavorable to peers. This may cause customers to go elsewhere and can affect the investment manager's own employment or compensation. The typical short-term focus of U.S. equity markets exacerbates the risk for investment managers that do not participate during the building phase of a bubble, particularly one that builds over
320-399: A cover article titled "Burning Up; Warning: Internet companies are running out of cash—fast", which predicted the imminent bankruptcy of many Internet companies. This led many people to rethink their investments. That same day, MicroStrategy announced a revenue restatement due to aggressive accounting practices. Its stock price, which had risen from $ 7 per share to as high as $ 333 per share in
384-693: A great deal of overcapacity as many Internet business clients went bust. That, plus ongoing investment in local cell infrastructure kept connectivity charges low, and helped to make high-speed Internet connectivity more affordable. During this time, a handful of companies found success developing business models that helped make the World Wide Web a more compelling experience. These include airline booking sites, Google 's search engine and its profitable approach to keyword-based advertising, as well as eBay 's auction site and Amazon.com 's online department store. The low price of reaching millions worldwide, and
448-494: A limit on volatility. However, once positive feedback takes over, the market, like all systems with positive feedback, enters a state of increasing disequilibrium . This can be seen in financial bubbles where asset prices rapidly spike upwards far beyond what could be considered the rational "economic value", only to fall rapidly afterwards. Investment managers, such as stock mutual fund managers, are compensated and retained in part due to their performance relative to peers. Taking
512-511: A longer period of time. In attempting to maximize returns for clients and maintain their employment, they may rationally participate in a bubble they believe to be forming, as the benefits outweigh the risks of not doing so. NASDAQ The Nasdaq Stock Market ( / ˈ n æ z d æ k / ; National Association of Securities Dealers Automated Quotations) is an American stock exchange based in New York City . It
576-908: A price–earnings ratio of 200, dwarfing the peak price–earnings ratio of 80 for the Japanese Nikkei 225 during the Japanese asset price bubble of 1991. In 1999, shares of Qualcomm rose in value by 2,619%, 12 other large-cap stocks each rose over 1,000% in value, and seven additional large-cap stocks each rose over 900% in value. Even though the Nasdaq Composite rose 85.6% and the S&;P 500 rose 19.5% in 1999, more stocks fell in value than rose in value as investors sold stocks in slower growing companies to invest in Internet stocks. An unprecedented amount of personal investing occurred during
640-413: A profit. But despite this, the Internet continued to grow, driven by commerce, ever greater amounts of online information, knowledge, social networking and access by mobile devices. The 1993 release of Mosaic and subsequent web browsers during the following years gave computer users access to the World Wide Web , popularizing use of the Internet. Internet use increased as a result of the reduction of
704-657: A week in which it fell 25%. Investors were forced to sell stocks ahead of Tax Day , the due date to pay taxes on gains realized in the previous year. By June 2000, dot-com companies were forced to reevaluate their spending on advertising campaigns. On November 9, 2000, Pets.com , a much-hyped company that had backing from Amazon.com, went out of business only nine months after completing its IPO. By that time, most Internet stocks had declined in value by 75% from their highs, wiping out $ 1.755 trillion in value. In January 2001, just three dot-com companies bought advertising spots during Super Bowl XXXV . The September 11 attacks accelerated
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#1732801761491768-486: A year, fell $ 140 per share, or 62%, in a day. The next day, the Federal Reserve raised interest rates, leading to an inverted yield curve , although stocks rallied temporarily. Tangentially to all of speculation, Judge Thomas Penfield Jackson issued his conclusions of law in the case of United States v. Microsoft Corp. (2001) and ruled that Microsoft was guilty of monopolization and tying in violation of
832-518: Is an over abundance of IPOs in a bubble market, a large portion of the IPO companies fail completely, never achieve what is promised to the investors, or can even be vehicles for fraud. Emotional and cognitive biases (see behavioral finance ) seem to be the causes of bubbles, but often, when the phenomenon appears, pundits try to find a rationale, so as not to be against the crowd. Thus, sometimes, people will dismiss concerns about overpriced markets by citing
896-649: Is made up of both American and foreign firms, with China and Israel being the largest foreign sources. "Nasdaq" was initially an acronym for the National Association of Securities Dealers Automated Quotations. It was founded in 1971 by the National Association of Securities Dealers (NASD), now known as the Financial Industry Regulatory Authority . On February 8, 1971, the Nasdaq stock market began operations as
960-666: Is the most active stock trading venue in the U.S. by volume, and ranked second on the list of stock exchanges by market capitalization of shares traded, behind the New York Stock Exchange . The exchange platform is owned by Nasdaq, Inc. , which also owns the Nasdaq Nordic stock market network and several U.S.-based stock and options exchanges . Although it trades stock of healthcare, financial, media, entertainment, retail, hospitality, and food businesses, it focuses more on technology stocks . The exchange
1024-567: Is wrong. For closed-end country funds, observers can compare the stock prices to the net asset value per share (the net value of the fund's total holdings divided by the number of shares outstanding). For experimental asset markets, observers can compare the stock prices to the expected returns from holding the stock (which the experimenter determines and communicates to the traders). In both instances, closed-end country funds and experimental markets, stock prices clearly diverge from fundamental values. Nobel laureate Dr. Vernon Smith has illustrated
1088-779: The Dulles Technology Corridor in Virginia, governments funded technology infrastructure and created favorable business and tax law to encourage companies to expand. The growth in capacity vastly outstripped the growth in demand. Spectrum auctions for 3G in the United Kingdom in April 2000, led by Chancellor of the Exchequer Gordon Brown , raised £22.5 billion. In Germany, in August 2000,
1152-543: The London Stock Exchange to form the first intercontinental linkage of capital markets . In 1996, the SEC issued a report alleging that Nasdaq market makers fixed prices by avoiding "odd-eighths" quotes (at the time, stock prices were quoted in increments of an eighth of a dollar) to artificially widen spreads. The report was followed by a new set of rules for how Nasdaq handled orders. In 1998, it became
1216-603: The NASDAQ Financial-100 Index, which tracks the largest 100 companies in terms of market capitalization . On March 10, 2000, the NASDAQ Composite stock market index peaked at 5,132.52, but fell to 3,227 by April 17, and, in the following 30 months, fell 78% from its peak. In a series of sales in 2000 and 2001, FINRA sold its stake in the Nasdaq. On July 2, 2002, Nasdaq Inc. became a public company via an initial public offering . In 2006,
1280-556: The Sherman Antitrust Act . This led to a one-day 15% decline in the value of shares in Microsoft and a 350-point, or 8%, drop in the value of the Nasdaq. Many people saw the legal actions as bad for technology in general. That same day, Bloomberg News published a widely read article that stated: "It's time, at last, to pay attention to the numbers". On Friday, April 14, 2000, the Nasdaq Composite index fell 9%, ending
1344-399: The quaternary sector of the economy and confidence that the companies would turn future profits created an environment in which many investors were willing to overlook traditional metrics, such as the price–earnings ratio , and base confidence on technological advancements, leading to a stock market bubble . Between 1995 and 2000, the Nasdaq Composite stock market index rose 400%. It reached
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#17328017614911408-540: The " digital divide " and advances in connectivity, uses of the Internet, and computer education. Between 1990 and 1997, the percentage of households in the United States owning computers increased from 15% to 35% as computer ownership progressed from a luxury to a necessity. This marked the shift to the Information Age , an economy based on information technology , and many new companies were founded. At
1472-899: The 17th-century Dutch Republic , the birthplace of the first formal (official) stock exchange and market in history. The Dutch tulip mania , of the 1630s, is generally considered the world's first recorded speculative bubble (or economic bubble ). Two famous early stock market bubbles were the Mississippi Scheme in France and the South Sea bubble in England. Both bubbles came to an abrupt end in 1720, bankrupting thousands of unfortunate investors. Those stories, and many others, are recounted in Charles Mackay 's 1841 popular account, " Extraordinary Popular Delusions and
1536-666: The EMiniCME. Below are the contract specifications for the Nasdaq 100 and derivatives. Nasdaq quotes are available at three levels: The Nasdaq Stock Market sessions, with times in the Eastern Time Zone are: 7:00 a.m. to 9:30 a.m.: extended-hours trading session (premarket) 9:30 a.m. to 4:00 p.m.: normal trading session 4:00 p.m. to 8:00 p.m.: extended-hours trading session (postmarket) The Nasdaq Stock Market averages about 253 trading days per year. The Nasdaq Stock Market has three different market tiers: After
1600-507: The IPOs at high premiums. It only took a few months for the premiums in closed-end country funds to fade back to the more typical discounts at which closed-end funds trade. Those who had bought them at premiums had run out of "greater fools". For a while, though, the supply of "greater fools" had been outstanding. A rising price on any share will attract the attention of investors. Not all of those investors are willing or interested in studying
1664-698: The Madness of Crowds ". The two most famous bubbles of the twentieth century, the bubble in American stocks in the 1920s just before the Wall Street Crash of 1929 and the following Great Depression , and the Dot-com bubble of the late 1990s, were based on speculative activity surrounding the development of new technologies. The 1920s saw the widespread introduction of a range of technological innovations including radio , automobiles , aviation and
1728-542: The NASDAQ Composite stock market index peaked at 5,048.62. However, on March 13, 2000, news that Japan had once again entered a recession triggered a global sell off that disproportionately affected technology stocks. Soon after, Yahoo! and eBay ended merger talks and the Nasdaq fell 2.6%, but the S&P 500 rose 2.4% as investors shifted from strong performing technology stocks to poor performing established stocks. On March 20, 2000, Barron's featured
1792-714: The NASDAQ composite stock market index rose by 800%, only to fall 78% from its peak by October 2002, giving up all its gains during the bubble. During the dot-com crash , many online shopping companies, notably Pets.com , Webvan , and Boo.com , as well as several communication companies, such as Worldcom , NorthPoint Communications , and Global Crossing , failed and shut down. Others, like Lastminute.com , MP3.com and PeopleSound remained through its sale and buyers acquisition. Larger companies like Amazon and Cisco Systems lost large portions of their market capitalization, with Cisco losing 80% of its stock value. Historically,
1856-586: The NASDAQ-100 had dropped to 1,114, down 78% from its peak. After venture capital was no longer available, the operational mentality of executives and investors completely changed. A dot-com company's lifespan was measured by its burn rate , the rate at which it spent its existing capital. Many dot-com companies ran out of capital and went through liquidation . Supporting industries, such as advertising and shipping, scaled back their operations as demand for services fell. However, many companies were able to endure
1920-483: The Web to be a useful and profitable additional channel for content distribution, and an additional means to generate advertising revenue. The sites that survived and eventually prospered after the bubble burst had two things in common: a sound business plan, and a niche in the marketplace that was, if not unique, particularly well-defined and well-served. In the aftermath of the dot-com bubble, telecommunications companies had
1984-448: The auctions raised £30 billion. A 3G spectrum auction in the United States in 1999 had to be re-run when the winners defaulted on their bids of $ 4 billion. The re-auction netted 10% of the original sales prices. When financing became hard to find as the bubble burst, the high debt ratios of these companies led to bankruptcy . Bond investors recovered just over 20% of their investments. However, several telecom executives sold stock before
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2048-507: The boom and stories of people quitting their jobs to trade on the financial market were common. The news media took advantage of the public's desire to invest in the stock market; an article in The Wall Street Journal suggested that investors "re-think" the "quaint idea" of profits, and CNBC reported on the stock market with the same level of suspense as many networks provided to the broadcasting of sports events . At
2112-953: The building of the railroads or the automobile or aerospace industry or whatever. And in this case, much of the capital invested was lost, but also much of it was invested in a very high throughput backbone for the Internet, and lots of software that works, and databases and server structure. All that stuff has allowed what we have today, which has changed all our lives... that's what all this speculative mania built. Stock market bubble Behavioral finance theory attributes stock market bubbles to cognitive biases that lead to groupthink and herd behavior . Bubbles occur not only in real-world markets, with their inherent uncertainty and noise, but also in highly predictable experimental markets. Other theoretical explanations of stock market bubbles have suggested that they are rational, intrinsic, and contagious. Historically, early stock market bubbles and crashes have their roots in financial activities of
2176-449: The bursting of the dot-com bubble. According to Paul Krugman , however, "he didn't raise interest rates to curb the market's enthusiasm; he didn't even seek to impose margin requirements on stock market investors. Instead, [it is alleged] he waited until the bubble burst, as it did in 2000, then tried to clean up the mess afterward". Finance author and commentator E. Ray Canterbery agreed with Krugman's criticism. On Friday March 10, 2000,
2240-629: The closed-end country fund phenomenon with a chart showing prices and net asset values of the Spain Fund [ zh ] in 1989 and 1990 in his work on price bubbles. At its peak, the Spain Fund traded near $ 35, nearly triple its Net Asset Value of about $ 12 per share. At the same time the Spain Fund and other closed-end country funds were trading at very substantial premiums, the number of closed-end country funds available exploded thanks to many issuers creating new country funds and selling
2304-422: The competing claims between behavioral finance and efficient markets theorists, observers need to find bubbles that occur when a readily available measure of fundamental value is also observable. The bubble in closed-end country funds in the late 1980s is instructive here, as are the bubbles that occur in experimental asset markets. According to the efficient-market hypothesis , this doesn't happen, and so any data
2368-646: The continued price increases when selling market data . In December 2020, NASDAQ announced that it would strip its indexes of four Chinese companies in response to Executive Order 13959 . In September 2024, the European Commission said it had carried out an unannounced inspection at the offices of Nasdaq over potential anti-competitive practices. Nasdaq 100 futures are traded on the CME (Chicago Mercantile Exchange) while its derivatives, E-Mini Nasdaq 100 and Micro E-Mini Nasdaq 100 futures are traded on
2432-522: The crash including Philip Anschutz , who reaped $ 1.9 billion, Joseph Nacchio , who reaped $ 248 million, and Gary Winnick , who sold $ 748 million worth of shares. Nearing the turn of the 2000s, spending on technology was volatile as companies prepared for the Year 2000 problem . There were concerns that computer systems would have trouble changing their clock and calendar systems from 1999 to 2000 which might trigger wider social or economic problems, but there
2496-740: The crash; 48% of dot-com companies survived through 2004, albeit at lower valuations. Several companies and their executives, including Bernard Ebbers , Jeffrey Skilling , and Kenneth Lay , were accused or convicted of fraud for misusing shareholders' money, and the U.S. Securities and Exchange Commission levied large fines against investment firms including Citigroup and Merrill Lynch for misleading investors. After suffering losses, retail investors transitioned their investment portfolios to more cautious positions. Popular Internet forums that focused on high tech stocks, such as Silicon Investor , Yahoo! Finance , and The Motley Fool declined in use significantly. Layoffs of programmers resulted in
2560-903: The deployment of electrical power grids . The 1990s was the decade when Internet and e-commerce technologies emerged. Other stock market bubbles of note include the Encilhamento occurred in Brazil during the late 1880s and early 1890s, the Nifty Fifty stocks in the early 1970s, Taiwanese stocks in 1987–89 and Japanese stocks in the late 1980s . Stock market bubbles frequently produce hot markets in initial public offerings , since investment bankers and their clients see opportunities to float new stock issues at inflated prices. These hot IPO markets misallocate investment funds to areas dictated by speculative trends, rather than to enterprises generating longstanding economic value. Typically when there
2624-443: The dot-com boom can be seen as similar to a number of other technology-inspired booms of the past, including railroads in the 1840s, automobiles in the early 20th century, radio in the 1920s, television in the 1940s, transistor electronics in the 1950s, computer time-sharing in the 1960s, and home computers and biotechnology in the 1980s. Low interest rates in 1998–99 facilitated an increase in start-up companies. In 2000,
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2688-639: The dot-com bubble burst, and many dot-com startups went out of business after burning through their venture capital and failing to become profitable . However, many others, particularly online retailers like eBay and Amazon , blossomed and became highly profitable. More conventional retailers found online merchandising to be a profitable additional source of revenue. While some online entertainment and news outlets failed when their seed capital ran out, others persisted and eventually became economically self-sufficient. Traditional media outlets (newspaper publishers, broadcasters and cablecasters in particular) also found
2752-543: The eve of the United Nations Conference on Sustainable Development (Rio+20). In November 2016, chief operating officer Adena Friedman was promoted to chief executive officer , becoming the first woman to run a major exchange in the U.S. In 2016, Nasdaq earned $ 272 million in listings-related revenues. In October 2018, the SEC ruled that the New York Stock Exchange and Nasdaq did not justify
2816-468: The first stock market in the United States to trade online, using the slogan "the stock market for the next hundred years". The Nasdaq Stock Market attracted many companies during the dot-com bubble . Its main index is the NASDAQ Composite , which has been published since its inception. The QQQ exchange-traded fund tracks the large-cap NASDAQ-100 index, which was introduced in 1985 alongside
2880-668: The height of the boom, it was possible for a promising dot-com company to become a public company via an IPO and raise a substantial amount of money even if it had never made a profit—or, in some cases, realized any material revenue or even have a finished product. People who received employee stock options became instant paper millionaires when their companies executed IPOs; however, most employees were barred from selling shares immediately due to lock-up periods . The most successful entrepreneurs, such as Mark Cuban , sold their shares or entered into hedges to protect their gains. Sir John Templeton successfully shorted many dot-com stocks at
2944-512: The intrinsics of the share and for such people the rising price itself is reason enough to invest. In turn, the additional investment will provide buoyancy to the price, thus completing a positive feedback loop. Like all dynamic systems, financial markets operate in an ever-changing equilibrium, which translates into price volatility . However, a self-adjustment ( negative feedback ) takes place normally: when prices rise more people are encouraged to sell, while fewer are encouraged to buy. This puts
3008-494: The launch of a new product or website, a company would organize an expensive event called a dot-com party . In the five years after the American Telecommunications Act of 1996 went into effect, telecommunications equipment companies invested more than $ 500 billion, mostly financed with debt, into laying fiber optic cable, adding new switches, and building wireless networks. In many areas, such as
3072-470: The monthly Stock Guides (stock guides and procedures) issued by Standard & Poor's Corporation. Over the years, it became more of a stock market by adding trade and volume reporting and automated trading systems. In 1981, Nasdaq traded 37% of the U.S. securities markets' total of 21 billion shares. By 1991, Nasdaq's share had grown to 46%. In 1992, the Nasdaq Stock Market joined with
3136-466: The mottos "get big fast" and "get large or get lost". These companies offered their services or products for free or at a discount with the expectation that they could build enough brand awareness to charge profitable rates for their services in the future. The "growth over profits" mentality and the aura of " new economy " invincibility led some companies to engage in lavish spending on elaborate business facilities and luxury vacations for employees. Upon
3200-503: The new entrepreneurs had experience in business and economics, the majority were simply people with ideas, and did not manage the capital influx prudently. Additionally, many dot-com business plans were predicated on the assumption that by using the Internet, they would bypass the distribution channels of existing businesses and therefore not have to compete with them; when the established businesses with strong existing brands developed their own Internet presence, these hopes were shattered, and
3264-494: The newcomers were left attempting to break into markets dominated by larger, more established businesses. The dot-com bubble burst in March 2000, with the technology heavy NASDAQ Composite index peaking at 5,048.62 on March 10 (5,132.52 intraday), more than double its value just a year before. By 2001, the bubble's deflation was running full speed. A majority of the dot-coms had ceased trading, after having burnt through their venture capital and IPO capital, often without ever making
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#17328017614913328-577: The peak of the bubble during what he called "temporary insanity" and a "once-in-a-lifetime opportunity". He shorted stocks just before the expiration of lockup periods ending six months after initial public offerings, correctly anticipating many dot-com company executives would sell shares as soon as possible, and that large-scale selling would force down share prices. Most dot-com companies incurred net operating losses as they spent heavily on advertising and promotions to harness network effects to build market share or mind share as fast as possible, using
3392-480: The possibility of selling to or hearing from those people at the same moment when they were reached, promised to overturn established business dogma in advertising, mail-order sales, customer relationship management , and many more areas. The web was a new killer app —it could bring together unrelated buyers and sellers in seamless and low-cost ways. Entrepreneurs around the world developed new business models, and ran to their nearest venture capitalist . While some of
3456-445: The same time, a decline in interest rates increased the availability of capital. The Taxpayer Relief Act of 1997 , which lowered the top marginal capital gains tax in the United States , also made people more willing to make more speculative investments. Alan Greenspan , then- Chair of the Federal Reserve , allegedly fueled investments in the stock market by putting a positive spin on stock valuations. The Telecommunications Act of 1996
3520-834: The status of the Nasdaq Stock Market was changed from a stock market to a licensed national securities exchange. In 2007, it merged with OMX, a leading exchange operator in the Nordic countries, expanded its global footprint, and changed its name to the NASDAQ OMX Group. To qualify for listing on the exchange, a company must be registered with the United States Securities and Exchange Commission (SEC), must have at least three market makers (financial firms that act as brokers or dealers for specific securities) and must meet minimum requirements for assets, capital, public shares, and shareholders. In February 2011, in
3584-790: The stock-market drop. Investor confidence was further eroded by several accounting scandals and the resulting bankruptcies, including the Enron scandal in October 2001, the WorldCom scandal in June 2002, and the Adelphia Communications Corporation scandal in July 2002. By the end of the stock market downturn of 2002 , stocks had lost $ 5 trillion in market capitalization since the peak. At its trough on October 9, 2002,
3648-411: The technology sector. In a 2015 book, venture capitalist Fred Wilson , who funded many dot-com companies and lost 90% of his net worth when the bubble burst, said about the dot-com bubble: A friend of mine has a great line. He says "Nothing important has ever been built without irrational exuberance ." Meaning that you need some of this mania to cause investors to open up their pocketbooks and finance
3712-429: The wake of an announced merger of NYSE Euronext with Deutsche Börse , speculation developed that NASDAQ OMX and Intercontinental Exchange (ICE) could mount a counter-bid of their own for NYSE. NASDAQ OMX could be looking to acquire the American exchange's cash equities business, ICE the derivatives business. At the time, "NYSE Euronext's market value was $ 9.75 billion. Nasdaq was valued at $ 5.78 billion, while ICE
3776-460: The world's first electronic stock market. At first, it was merely a "quotation system" and did not provide a way to perform electronic trades. The NASDAQ Stock Market eventually assumed the majority of major trades that had been executed by the over-the-counter (OTC) system of trading, but there are still many securities traded in this fashion. As late as 1987, the Nasdaq exchange was still commonly referred to as "OTC" in media reports and also in
3840-600: Was expected to result in many new technologies from which many people wanted to profit. As a result of these factors, many investors were eager to invest, at any valuation, in any dot-com company , especially if it had one of the Internet-related prefixes or a " .com " suffix in its name. Venture capital was easy to raise. Investment banks , which profited significantly from initial public offerings (IPO), fueled speculation and encouraged investment in technology. A combination of rapidly increasing stock prices in
3904-555: Was founded as a European equivalent to the Nasdaq Stock Market. It was purchased by NASDAQ in 2001 and became NASDAQ Europe. In 2003, operations were shut down as a result of the burst of the dot-com bubble . In 2007, NASDAQ Europe was revived first as Equiduct and was acquired by Börse Berlin later that year. On June 18, 2012, Nasdaq OMX became a founding member of the United Nations Sustainable Stock Exchanges Initiative on
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#17328017614913968-507: Was the largest to date and was questioned by many analysts. Then, on January 30, 2000, 12 ads of the 61 ads for Super Bowl XXXIV were purchased by dot-coms (sources state ranges from 12 up to 19 companies depending on the definition of dot-com company ). At that time, the cost for a 30-second commercial was between $ 1.9 million and $ 2.2 million. Meanwhile, Alan Greenspan , then Chair of the Federal Reserve , raised interest rates several times; these actions were believed by many to have caused
4032-662: Was valued at $ 9.45 billion." Late in the month, Nasdaq was reported to be considering asking either ICE or the Chicago Mercantile Exchange to join in what would probably have to be, if it proceeded, an $ 11–12 billion counterbid. In December 2005, NASDAQ acquired Instinet for $ 1.9 billion, retaining the Inet ECN and subsequently selling the agency brokerage business to Silver Lake Partners and Instinet management. The European Association of Securities Dealers Automatic Quotation System (EASDAQ)
4096-437: Was virtually no impact or disruption due to adequate preparation. Spending on marketing also reached new heights for the sector: Two dot-com companies purchased ad spots for Super Bowl XXXIII , and 17 dot-com companies bought ad spots the following year for Super Bowl XXXIV . On January 10, 2000, America Online , led by Steve Case and Ted Leonsis , announced a merger with Time Warner , led by Gerald M. Levin . The merger
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