The S&P 500 in 1937
The S&P 500 fell 38.6% in 1937, from 17.18 to 10.55; with dividends reinvested, the total return was −35.3%. That ranks 1937 2nd-worst of the 98 complete calendar years since 1928.
- Price return
- −38.6%
- Total return
- −35.3%
- Deepest decline in the year
- −45.5%November 24, 1937
- Year-end close
- 10.55December 31, 1937
- Highest close
- 18.67March 10, 1937
- Lowest close
- 10.17November 24, 1937
- Record closes
- 0
- Trading days
- 250
- Best day
- +7.5%October 20, 1937
- Worst day
- −5.8%November 19, 1937
- Shiller CAPE in January
- 21.6
How 1937 unfolded
The highest close of the year was 18.67 on March 10, 1937; the lowest was 10.17 on November 24, 1937.
The deepest fall from a peak within the year was −45.5%, bottoming on November 24, 1937.
No close set a new all-time high.
The best session was October 20, 1937 (+7.5%); the worst was November 19, 1937 (−5.8%).
The U.S. economy was in an NBER-dated recession in 7 months of 1937: June 1937 to December 1937.
The Shiller CAPE stood at 21.6 in January 1937.
Drawdowns that touched 1937
| 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 1937.
What $10,000 at the start of 1937 became
$10,000 invested in the S&P 500 at the start of 1937, with dividends reinvested, grew to $82,384,259 by the end of 2025: 10.7% a year. On price alone, without dividends, it came to $3,984,707.
FAQ
What was the S&P 500 return in 1937?
The S&P 500 fell 38.6% in 1937, from 17.18 to 10.55; with dividends reinvested, the total return was −35.3%.
How far did the S&P 500 fall in 1937?
Its deepest peak-to-trough decline within 1937 was −45.5%, reaching bottom on November 24, 1937.
Was 1937 part of a bear market?
No. No decline of 20% or more from a record close was under way in 1937.
Did the S&P 500 hit a record high in 1937?
No. The index never closed above its previous record in 1937.
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.