The S&P 500 in 1934
The S&P 500 fell 4.7% in 1934, from 9.97 to 9.50; with dividends reinvested, the total return was −1.2%. That ranks 1934 26th-worst of the 98 complete calendar years since 1928.
- Price return
- −4.7%
- Total return
- −1.2%
- Deepest decline in the year
- −29.3%July 26, 1934
- Year-end close
- 9.50December 31, 1934
- Highest close
- 11.82February 6, 1934
- Lowest close
- 8.36July 26, 1934
- Record closes
- 0
- Trading days
- 249
- Best day
- +4.7%June 8, 1934
- Worst day
- −7.8%July 26, 1934
- Shiller CAPE in January
- 13.0
How 1934 unfolded
The highest close of the year was 11.82 on February 6, 1934; the lowest was 8.36 on July 26, 1934.
The deepest fall from a peak within the year was −29.3%, bottoming on July 26, 1934.
No close set a new all-time high.
The best session was June 8, 1934 (+4.7%); the worst was July 26, 1934 (−7.8%).
No month of 1934 falls inside an NBER-dated recession.
The Shiller CAPE stood at 13.0 in January 1934.
Drawdowns that touched 1934
| 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 1934.
What $10,000 at the start of 1934 became
$10,000 invested in the S&P 500 at the start of 1934, with dividends reinvested, grew to $157,605,051 by the end of 2025: 11.1% a year. On price alone, without dividends, it came to $6,866,563.
FAQ
What was the S&P 500 return in 1934?
The S&P 500 fell 4.7% in 1934, from 9.97 to 9.50; with dividends reinvested, the total return was −1.2%.
How far did the S&P 500 fall in 1934?
Its deepest peak-to-trough decline within 1934 was −29.3%, reaching bottom on July 26, 1934.
Was 1934 part of a bear market?
No. No decline of 20% or more from a record close was under way in 1934.
Did the S&P 500 hit a record high in 1934?
No. The index never closed above its previous record in 1934.
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.