Quick Answer: How Did Y2k Affect The Stock Market?

What is the y2k apocalypse?

The Year 2000 problem, also known as the Y2K problem, the Millennium bug, Y2K bug, the Y2K glitch, or Y2K, refers to events related to the formatting and storage of calendar data for dates beginning in the year 2000..

Does India solve y2k problem?

While some countries may shrink from the Y2K bug, India welcomes it. For India, the Millennium bomb has been a boon. IIS Infotech is another one of more than one hundred Indian software firms that are making money fixing the Y2K bug for multinational corporations.

What is causing the stock market to go up?

If more people want to buy a stock (demand) than sell it (supply), then the price moves up. Conversely, if more people wanted to sell a stock than buy it, there would be greater supply than demand, and the price would fall.

Why was y2k a big deal?

The Y2K bug essentially was the product of a time when memory was prohibitively expensive. To save space, years would be represented as two digits rather than four — so, instead of ‘1999’ you’d have ’99’. The problem is, when the millennium happens, it’d be like if the clock went backwards to 1900.

What will happen in 2038?

The counter will then begin to count from the negative scale, once this date comes to pass, causing the computers to reset to December 13th 1901, leading to all kinds of errors in every modern 32-bit computer. This is the 2038 problem, which will mark the end of UNIX time and subsequently the UNIX epoch.

How old is y2k?

26 years (July 27, 1994)Y2K/Age

What do you understand by software crisis?

Software crisis is a term used in the early days of computing science for the difficulty of writing useful and efficient computer programs in the required time. … The major cause of the software crisis is that the machines have become several orders of magnitude more powerful!

How did y2k affect the economy?

Yet with the benefit of hindsight the economic impact of Y2K on America was far greater than the $100 billion-plus government and business spent on fixing the computer glitch. … Long-time computer professionals hopped from job to job, pulling down more money with every employer.

Who started the y2k scare?

David EddyThe father of the phrase is a 52-year-old Massachusetts programmer named David Eddy, who’s now the president of a Y2K consulting business. “People were calling it Year 2000, CDC (Century Date Change), Faddle (Faulty Date Logic),” Mr. Eddy says. “There were other contenders.

Why do you think programs are released with errors and bugs?

The most common reason is human mistakes in software design and coding. Once you know the causes for Software Defects it will be easier for you to take corrective actions to minimize these defects.

When did y2k scare start?

The Y2K Scare was a phenomenon at the turn of the 21st century where computer users and programmers feared that computers would stop working on December 31, 1999. The phenomenon was also referred to as the “Millennium Bug” or “Year 2000 problem” by technology experts.

Did the y2k bug actually cause any problems?

The Y2K bug was a computer flaw, or bug, that may have caused problems when dealing with dates beyond December 31, 1999. … Instead of a date reading 1970, it read 70. Engineers shortened the date because data storage in computers was costly and took up a lot of space.

Will y2k happen again?

While there will, in fact, be a Year 2038 Problem, we do have over two decades to prepare for such an event. Because of this, it is highly unlikely that there will be any serious issues. Furthermore, because it is so far away, many of these old systems will have worn out by this time and have already been replaced.

Did y2k actually happen?

Some people feared the worst: that a computer bug known as Y2K would launch nuclear missiles and cause planes to fall from the sky. Other people insisted that this thing called Y2K was a hoax, not worthy of a second thought. … Y2K is not a sci-fi film, though, because it did actually happen.

What was the impact of y2k?

Y2K was commonly used to refer to a widespread computer programming shortcut that was expected to cause extensive havoc as the year changed from 1999 to 2000 at the turn of the Millenium. The change was expected to bring down computer systems infrastructures, such as those for banking and power plants.