The S&P 500 in 1932
The S&P 500 fell 14.8% in 1932, from 8.12 to 6.92; with dividends reinvested, the total return was −8.6%. That ranks 1932 11th-worst of the 98 complete calendar years since 1928.
- Price return
- −14.8%
- Total return
- −8.6%
- Deepest decline in the year
- −51.0%June 1, 1932
- Year-end close
- 6.92December 30, 1932
- Highest close
- 9.31September 7, 1932
- Lowest close
- 4.40June 1, 1932
- Record closes
- 0
- Trading days
- 250
- Best day
- +11.8%September 21, 1932
- Worst day
- −8.2%October 5, 1932
- Shiller CAPE in January
- 9.3
How 1932 unfolded
The highest close of the year was 9.31 on September 7, 1932; the lowest was 4.40 on June 1, 1932.
The deepest fall from a peak within the year was −51.0%, bottoming on June 1, 1932.
No close set a new all-time high.
The best session was September 21, 1932 (+11.8%); the worst was October 5, 1932 (−8.2%).
The U.S. economy was in an NBER-dated recession in 12 months of 1932: January 1932 to December 1932.
The Shiller CAPE stood at 9.3 in January 1932.
Drawdowns that touched 1932
| Drawdown | Peak → trough | Decline | Back at the record |
|---|---|---|---|
| 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 1932.
What $10,000 at the start of 1932 became
$10,000 invested in the S&P 500 at the start of 1932, with dividends reinvested, grew to $215,953,165 by the end of 2025: 11.2% a year. On price alone, without dividends, it came to $8,431,108.
FAQ
What was the S&P 500 return in 1932?
The S&P 500 fell 14.8% in 1932, from 8.12 to 6.92; with dividends reinvested, the total return was −8.6%.
How far did the S&P 500 fall in 1932?
Its deepest peak-to-trough decline within 1932 was −51.0%, reaching bottom on June 1, 1932.
Was 1932 part of a bear market?
Yes. 1932 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 1932?
No. The index never closed above its previous record in 1932.
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.