Macro
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month values ▾
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|
| +0.35 | +0.40 | +0.45 | +0.45 | +0.09 | +0.45 | +0.45 | +0.40 | +0.40 | +0.40 | +0.28 | +0.50 |
IPO mania peaks; Nasdaq's record 85.6% year
How this mood is scored ▾
Goldman Sachs completed its $3.657 billion IPO in May 1999, offering 69 million shares at $53 amid the tech boom, becoming the last major U.S. bank to go public. The move provided permanent capital, broad employee ownership, and acquisition flexibility, delivering a 7% annualized return since then. The stock has outperformed the S&P 500 despite no stock splits.
President Clinton signed the Financial Services Modernization Act of 1999, repealing key Glass-Steagall provisions that separated commercial and investment banking. The act enabled mergers like Citigroup's formation and allowed greater integration across banking, securities, and insurance sectors. This deregulation paved the way for financial conglomerates, reshaping market structure and increasing systemic risk oversight responsibilities for the Federal Reserve.