The S&P 500 in 1929
The S&P 500 fell 11.9% in 1929, from 24.35 to 21.45; with dividends reinvested, the total return was −8.3%. That ranks 1929 15th-worst of the 98 complete calendar years since 1928.
- Price return
- −11.9%
- Total return
- −8.3%
- Deepest decline in the year
- −44.6%November 13, 1929
- Year-end close
- 21.45December 31, 1929
- Highest close
- 31.86September 16, 1929
- Lowest close
- 17.66November 13, 1929
- Record closes
- 43
- Trading days
- 249
- Best day
- +12.5%October 30, 1929
- Worst day
- −10.2%October 29, 1929
- Shiller CAPE in January
- 27.1
How 1929 unfolded
The highest close of the year was 31.86 on September 16, 1929; the lowest was 17.66 on November 13, 1929.
The deepest fall from a peak within the year was −44.6%, bottoming on November 13, 1929.
43 closes set new all-time highs, the last on September 16, 1929.
The best session was October 30, 1929 (+12.5%); the worst was October 29, 1929 (−10.2%).
The U.S. economy was in an NBER-dated recession in 4 months of 1929: September 1929 to December 1929.
The Shiller CAPE stood at 27.1 in January 1929.
Drawdowns that touched 1929
| Drawdown | Peak → trough | Decline | Back at the record |
|---|---|---|---|
| Pullback (5–10%) | February 1, 1929 → February 15, 1929 | −5.8% | March 15, 1929 |
| Pullback (5–10%) | March 15, 1929 → March 26, 1929 | −6.6% | May 2, 1929 |
| Pullback (5–10%) | May 3, 1929 → May 27, 1929 | −8.2% | June 17, 1929 |
| The 1929 Crash and the Great Depression | September 16, 1929 → June 1, 1932 | −86.2% | September 22, 1954 |
Every decline of 5% or more from a record close that was under way, or still being recovered, during 1929.
What $10,000 at the start of 1929 became
$10,000 invested in the S&P 500 at the start of 1929, with dividends reinvested, grew to $83,276,381 by the end of 2025: 9.8% a year. On price alone, without dividends, it came to $2,811,517.
FAQ
What was the S&P 500 return in 1929?
The S&P 500 fell 11.9% in 1929, from 24.35 to 21.45; with dividends reinvested, the total return was −8.3%.
How far did the S&P 500 fall in 1929?
Its deepest peak-to-trough decline within 1929 was −44.6%, reaching bottom on November 13, 1929.
Was 1929 part of a bear market?
Yes. 1929 falls inside the 1929–1932 bear market (The 1929 Crash and the Great Depression), when the S&P 500 fell 86.2% from its record close on September 16, 1929 to its low on June 1, 1932.
Did the S&P 500 hit a record high in 1929?
Yes: 43 closes set new all-time highs in 1929, the last on September 16, 1929.
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.