The S&P 500 in 1939
The S&P 500 fell 5.2% in 1939, from 13.14 to 12.46; with dividends reinvested, the total return was −1.1%. That ranks 1939 25th-worst of the 98 complete calendar years since 1928.
- Price return
- −5.2%
- Total return
- −1.1%
- Deepest decline in the year
- −21.2%April 11, 1939
- Year-end close
- 12.46December 29, 1939
- Highest close
- 13.23January 4, 1939
- Lowest close
- 10.42April 11, 1939
- Record closes
- 0
- Trading days
- 249
- Best day
- +3.8%September 19, 1939
- Worst day
- −4.6%March 31, 1939
- Shiller CAPE in January
- 15.6
How 1939 unfolded
The highest close of the year was 13.23 on January 4, 1939; the lowest was 10.42 on April 11, 1939.
The deepest fall from a peak within the year was −21.2%, bottoming on April 11, 1939.
No close set a new all-time high.
The best session was September 19, 1939 (+3.8%); the worst was March 31, 1939 (−4.6%).
No month of 1939 falls inside an NBER-dated recession.
The Shiller CAPE stood at 15.6 in January 1939.
Drawdowns that touched 1939
| 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 1939.
What $10,000 at the start of 1939 became
$10,000 invested in the S&P 500 at the start of 1939, with dividends reinvested, grew to $98,554,667 by the end of 2025: 11.1% a year. On price alone, without dividends, it came to $5,209,710.
FAQ
What was the S&P 500 return in 1939?
The S&P 500 fell 5.2% in 1939, from 13.14 to 12.46; with dividends reinvested, the total return was −1.1%.
How far did the S&P 500 fall in 1939?
Its deepest peak-to-trough decline within 1939 was −21.2%, reaching bottom on April 11, 1939.
Was 1939 part of a bear market?
No. No decline of 20% or more from a record close was under way in 1939.
Did the S&P 500 hit a record high in 1939?
No. The index never closed above its previous record in 1939.
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.