What data sources power History of Market?

Daily prices come from Yahoo Finance (^GSPC, ^IXIC, ^NDX, ^DJI, ^VIX, ^VXN). Annual returns and long-range valuation series come from Macrotrends and Robert Shiller's public dataset. The AIAE (Aggregate Investor Allocation to Equities) is assembled from FRED (Federal Reserve Economic Data). S&P 500 constituents and sector weights come from S&P Global. NBER provides the business-cycle dates that shade recession overlays. Every dataset is declared as a schema.org Dataset in the page JSON-LD and listed in /llms-full.txt.

How often is the data updated?

A GitHub Actions cron refreshes the daily-tier datasets every weekday at 20:00 ET (close of the US session) and the full weekly tier on Sundays at 02:00 ET. The refresh_data.py script scrapes each source, publishes JSON to /api/, commits to the main branch, and triggers a Cloudflare Pages deploy. /api/_manifest.json carries the exact UTC timestamp of the most recent refresh.

What is the Shiller CAPE ratio?

The cyclically-adjusted price-to-earnings ratio (CAPE, also called Shiller PE) divides the current S&P 500 price by the trailing ten-year average of inflation-adjusted earnings. Smoothing the denominator over a full business cycle removes short-term earnings noise; the historical mean sits near 17×. CAPE is one of four valuation coordinates the site tracks (alongside AIAE, EPS, and ROE).

How many years of market history does the site cover?

The longest continuous series is the Dow Jones Industrial Average, covered back to 1914 (over a century). The S&P 500 is covered from 1928 (97 years). The Shiller CAPE and S&P 500 EPS both extend to 1871 using Shiller's reconstruction. The Nasdaq Composite runs from its 1971 inception; the Nasdaq 100 / QQQ since 1985. NBER recession dates extend to 1854 and overlay every chart.

Which languages is the site available in?

Six locales with dedicated hreflang alternates: 简体中文 (zh-CN, default), 繁體中文 (zh-TW), English (en), 日本語 (ja), Español (es), and 한국어 (ko). Land directly on any locale by appending ?lang=xx to the root URL.

Can AI agents and LLMs ingest this site?

Yes, explicitly. /robots.txt allow-lists every major AI crawler (GPTBot, ClaudeBot, Google-Extended, PerplexityBot, Meta-ExternalAgent, Applebot-Extended, DuckAssistBot, Amazonbot, Bytespider, CCBot, and others). Machine-readable summaries live at /llms.txt and /llms-full.txt; every dataset has a schema.org Dataset entry with a stable JSON URL. A noscript block mirrors the core content for non-rendering crawlers.

美股編年誌 · History of Market — The Chronicle of the U.S. Stock Market

Q: Is the data free to use?

Yes. The site content is released under CC BY 4.0: free for research, journalism, and education with attribution. The preferred citation is 'History of Market — The Chronicle of the U.S. Stock Market, [Panel Title], historyofmarket.com, accessed [date].' Upstream data carries each source's own licence (Yahoo Finance, S&P Global, FRED, Shiller).

canonical URL: https://historyofmarket.com/

一份关于美国股票市场的世纪尺度编年体档案。在同一页上呈现标普 500（自 1928 年）、纳斯达克综指（自 1971 年）、纳斯达克 100 / QQQ（自 1985 年）与道琼斯工业平均指数（自 1914 年）的长期价格、估值、回撤与成分变化。数据由 Yahoo Finance、Macrotrends、Robert Shiller、FRED、S&P Global、Nasdaq 等来源组合而成，GitHub Actions 每个交易日 20:00 ET 与每周日 02:00 ET 自动刷新。

A century-scale chronicle of the U.S. stock market. Plots the S&P 500 (since 1928), Nasdaq Composite (since 1971), Nasdaq 100 / QQQ (since 1985), and the Dow Jones Industrial Average (since 1914) on a single editorial page. Data sourced from Yahoo Finance, Macrotrends, Shiller, FRED, S&P Global, and Nasdaq. Refreshed daily.

/llms-full.txt — extended AI-agent index with full dataset descriptions.

/api/_manifest.json — JSON list of every dataset + last refresh timestamp.

S&P 500 · § I The Shape of a Century · 世纪尺度的回报形状

九十九年的年度涨跌 — #panel-annual · 自 1928 年起的完整年度回报记录：73 个盈利年、26 个亏损年。
年度回报的真实长相 — #panel-annual-dist · 算术平均 ≈ 11.8%，但真正贴着均值（±2%）的年份只有 7 个。
任选买入年份与卖出年份 — #panel-annualized-matrix · 每一格代表一次假设的持有；持有期越长，年化回报越向长期均值收敛。
五年之后，年化回报通常是多少 — #panel-rolling · 1928 年以来每一个五年滚动窗口的年化收益；负回报的窗口不足一成。
十四次穿越零线 — #panel-sp500-logyoy · 对数同比视角下 1928 年以来的牛熊边界。

S&P 500 · § II The Rhythm of Crisis · 危机的节奏

每一次深跌都有名字 — #panel-drawdown · 1929 年以来每一次重大跌幅，附分类、诱因与恢复天数。
年内最深跌幅 vs 全年涨跌 — #panel-intrayear-dd · 平均年内 ≈ -14%，但年末仍平均收正。
市场的呼吸频率 — #panel-volatility · 20 / 60 日滚动年化波动，长期中位数 ≈ 15%。
VIX · 保险费的账本 — #panel-vix · 隐含波动率高于 30 通常对应危机定价。
一年十二个月的季节性 — #panel-monthly · 月度胜率与平均涨跌的热力图；11 月与 4 月最友好，9 月最难。

S&P 500 · § III Anchors of Valuation · 估值的锚点

席勒 CAPE · 周期平滑后的市盈率 — #panel-pe · 十年通胀调整后的 PE；长期均值 ≈ 17×。
AIAE · 美国居民的股票配置比例 — #panel-aiae · 股票 / (股票 + 债券 + 现金)；10 年回报预测能力强于 CAPE。
标普 500 · 每股收益（TTM） — #panel-eps · 1871 至今 GAAP TTM EPS 序列。
标普 500 · 净资产收益率 — #panel-roe · 近二十年稳定在 15% 附近。
总回报 = 价格 + 股息 + 回购 — #panel-return-details · 回购如今已超过股息。

S&P 500 · § IV Structure & Rules · 结构与规则

Magnificent 7 · 七大科技股的等权指数 — #panel-m7
GICS 十一大行业的权重分布 — #panel-sectors
市值 · 一年回报 · 指数权重 — #panel-scatter
调入与调出的历史 — #panel-changes
标普 500 是如何「编」出来的 — #panel-rules · 指数委员会机制、纳入门槛（市值 ≥ $22.7B，2025-07-01 生效）、流动性与财务条件。

Nasdaq · § I–III The Nasdaq Series · 纳斯达克系列

纳斯达克综指 · 半个世纪的长跑 — #panel-nasdaq-composite · 1971 年至今的综指轨迹。
纳指牛熊 · 对数同比视角 — #panel-nasdaq-logyoy
QQQ 年度回报 — #panel-nasdaq100-annual
纳指 100 · 任选买入与卖出年份 — #panel-ndx-matrix
纳指 100 · 五年滚动年化收益 — #panel-ndx-rolling
纳指 100 · 五十九次历史回撤 — #panel-ndx-drawdown
纳指 100 · 年内最深跌幅 vs 全年涨跌 — #panel-ndx-intrayear-dd
纳指 100 · 20/60 日年化波动率 — #panel-ndx-volatility
VXN · 纳指 100 的波动率指数 — #panel-ndx-vxn
纳指 100 月度回报热力图 — #panel-ndx-monthly
QQQ 总回报 · 价格 / 股息 / 回购 — #panel-ndx-return-details
纳指 100 · 成分股与权重分布 — #panel-nasdaq100-companies
前 25 大持仓与累计权重 — #panel-nasdaq100-weights
成分股近一年表现排名 — #panel-nasdaq100-member-returns
成分股 YTD 涨跌排名 — #panel-nasdaq100-ytd