The dot-com bubble of the late 1990s was fueled by overinvestment in internet companies during a period of low interest rates and optimistic projections of internet-based commerce. Stock prices of many internet companies rose dramatically before crashing in 2001 as interest rates increased and the projected growth of e-commerce did not materialize. This stock market crash devastated many internet companies and resulted in hundreds of thousands of job losses in the information technology sector in the United States.