The Long ViewNo. 41
The Nasdaq Composite since 1971, on a log scale
Five decades of compounding — and the drawdowns investors had to sit through to get it.
The Nasdaq Composite began in February 1971 at a base value of 100. It includes nearly every stock listed on the Nasdaq exchange — thousands of companies — and because the exchange became home to many of the largest technology firms, the index is often treated as a barometer of the tech sector.
Source: Federal Reserve Bank of St. Louis (FRED). Shaded areas indicate U.S. recessions as dated by the NBER.
Where it stands
As of October 15, 2026, the Nasdaq Composite stood at 26,713. Since February 1971, it has averaged 3,430, with a median of 1,541. Today's reading is higher than 100% of all observations in that span — elevated by historical standards. The high point was 27,600 in October 2026; the low was 55 in October 1974.
For comparison, it was 14,897 five years ago, 5,214 ten years ago, and 2,357 twenty years ago.
Average by decade
| 1970s | 1980s | 1990s | 2000s | 2010s | 2020s |
|---|---|---|---|---|---|
| 105 | 297 | 1,104 | 2,194 | 4,745 | 15,781 |
The history
This chart uses a logarithmic scale, on which equal vertical distances represent equal percentage changes — the fairest way to view growth over decades. It shows both the power of compounding and the severity of the setbacks: after peaking in March 2000, the index fell about 78% by October 2002 and did not reclaim its dot-com high until 2015.
Why it matters
Long-run charts can make investing look easy, but living through a 78% decline — or even a 30% one — is another matter. Diversification and a time horizon that matches the risk taken are what allow investors to stay invested long enough for the long run to show up.
Diurna briefs are compiled from official and exchange data by our publishing system using fixed editorial rules; they describe market moves and do not speculate about causes. This is not investment advice. How we produce the Daily Brief.