The S&P 500 in 1928
The S&P 500 rose 37.9% in 1928, from 17.66 to 24.35; with dividends reinvested, the total return was +43.8%. That ranks 1928 5th-best of the 98 complete calendar years since 1928.
- Price return
- +37.9%
- Total return
- +43.8%
- Deepest decline in the year
- −10.3%June 12, 1928
- Year-end close
- 24.35December 31, 1928
- Highest close
- 24.35December 31, 1928
- Lowest close
- 16.95February 20, 1928
- Trading days
- 250
- Best day
- +3.0%June 13, 1928
- Worst day
- −3.8%December 6, 1928
- Shiller CAPE in January
- 18.8
How 1928 unfolded
The highest close of the year was 24.35 on December 31, 1928; the lowest was 16.95 on February 20, 1928.
The deepest fall from a peak within the year was −10.3%, bottoming on June 12, 1928.
The best session was June 13, 1928 (+3.0%); the worst was December 6, 1928 (−3.8%).
No month of 1928 falls inside an NBER-dated recession.
The Shiller CAPE stood at 18.8 in January 1928.
Drawdowns that touched 1928
| Drawdown | Peak → trough | Decline | Back at the record |
|---|---|---|---|
| Correction (10–20%) | May 14, 1928 → June 12, 1928 | −10.3% | August 28, 1928 |
| Pullback (5–10%) | November 30, 1928 → December 10, 1928 | −8.1% | December 31, 1928 |
Every decline of 5% or more from a record close that was under way, or still being recovered, during 1928.
What $10,000 at the start of 1928 became
$10,000 invested in the S&P 500 at the start of 1928, with dividends reinvested, grew to $119,759,764 by the end of 2025: 10.1% a year. On price alone, without dividends, it came to $3,876,519.
FAQ
What was the S&P 500 return in 1928?
The S&P 500 rose 37.9% in 1928, from 17.66 to 24.35; with dividends reinvested, the total return was +43.8%.
How far did the S&P 500 fall in 1928?
Its deepest peak-to-trough decline within 1928 was −10.3%, reaching bottom on June 12, 1928.
Was 1928 part of a bear market?
No. No decline of 20% or more from a record close was under way in 1928.
Data and sources
Daily closes · Calendar-year price returns · Calendar-year total returns · Intra-year declines · Drawdowns from record closes · Shiller CAPE · NBER recession months (via FRED)
Index levels are daily closes. Price return leaves dividends out; total return reinvests them. A past year's page changes only when a later year completes and the rankings move.