The Big Crash: The rise of the Internet in 1995 heralded the creation of a completely new online market, which companies and speculators greedily bought into. But the pipe dreams dissolved quickly as newly listed start-up folded one by one, having spent and borrowed more than they could earn in time.
Within a week in March 2000, the US Nesdaq lost nearly 9%. The Dow escaped the same fate until September 11, 2001 terrorist attacks, After which it suffered its worst daily and weekly losses to that point.
Recovery: Western countries were worst hit, especially the European Union and the US, which went into recession. But the market rebounded permanently in 2003.
Why it's Important: It's the most recent example of what happened when a bubbly tock market, pushed up by speculative activity, abruptly bursts.
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