1. Asia worries/Clinton sex scandal spook investors.
(January 1998) (back to graph)
2. Asia worries are overshadowed by strong earnings reports and falling bond prices. (February 1998)
(back to graph)
3. Falling oil prices push stocks higher. Noted market bull, Ralph Acampora, raises his year end forecast
for the Dow to 10,000. (March 1998) (back to graph)
4. Dow cracks 9,000 barrier for the first time. Small investors continue to pump millions of dollars
into the market via mutual funds. (April 1998) (back to graph)
5. Asia fears emerge once again. The Federal Reserve leaves short term interest rates alone
and the Justice Department files a massive antitrust lawsuit against Microsoft Corp. (May 1998) (back to graph)
6. Dow peaks at 9337.97, fueled by positive earnings reports, including software giant
Microsoft. (July 1998) (back to graph)
7. The party's over. Fed Chairman Alan Greenspan warns of an impending market correction
and investors head for the exits. The first signs of serious financial trouble in Russia
begin to appear. (July 1998) (back to graph)
8. Political and economic problems in Russia roils currency markets after Kremlin announces
it will allow the ruble to float. (August 1998) (back to graph)
9. Dow plunges 512 points on fears the financial crisis in Russia will spread to other
emerging markets, particularly shaky Latin American markets. (August 1998) (back to graph)
10. Dow recovers slightly. Clinton's video testimony to Independent Counsel Kenneth Star
appears to be more damaging than feared. (September 1998) (back to graph)
11. The Fed cuts short-term interest rates by a quarter-point, but investors are not
satisfied. Dow falls 237 points, ending the worst quarter for the blue
chip index in eight years. (September 1998) (back to graph)
12. The Fed shocks Wall Street by cutting interest rates again by a quarter point. The move, coming nearly a month before the Fed's Open Market Committee was scheduled to meet again, triggers a rally on Wall Street with the Dow surging more than 330 points. (October 1998) (back to graph)
13. Merger mania triggers a rally in world markets with the Dow reaching a new record of 9,374. Among the deals that grab the spotlight is America Online's $4.2 billion merger with Netscape Communications Corp. (November 1998) (back to graph)
14. The Dow Jones industrial average closed at 9,181.43, for a gain of 16.1 percent for the year. (December 1998) (back to graph)
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