The S&P 500 in 1944
The S&P 500 rose 13.8% in 1944, from 11.67 to 13.28; with dividends reinvested, the total return was +19.0%. That ranks 1944 41st-best of the 98 complete calendar years since 1928.
- Price return
- +13.8%
- Total return
- +19.0%
- Deepest decline in the year
- −6.9%September 14, 1944
- Year-end close
- 13.28December 29, 1944
- Highest close
- 13.28December 29, 1944
- Lowest close
- 11.56February 7, 1944
- Record closes
- 0
- Trading days
- 251
- Best day
- +1.4%December 29, 1944
- Worst day
- −2.4%September 6, 1944
- Shiller CAPE in January
- 11.1
How 1944 unfolded
The highest close of the year was 13.28 on December 29, 1944; the lowest was 11.56 on February 7, 1944.
The deepest fall from a peak within the year was −6.9%, bottoming on September 14, 1944.
No close set a new all-time high.
The best session was December 29, 1944 (+1.4%); the worst was September 6, 1944 (−2.4%).
No month of 1944 falls inside an NBER-dated recession.
The Shiller CAPE stood at 11.1 in January 1944.
Drawdowns that touched 1944
| 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 1944.
What $10,000 at the start of 1944 became
$10,000 invested in the S&P 500 at the start of 1944, with dividends reinvested, grew to $85,808,900 by the end of 2025: 11.7% a year. On price alone, without dividends, it came to $5,865,860.
FAQ
What was the S&P 500 return in 1944?
The S&P 500 rose 13.8% in 1944, from 11.67 to 13.28; with dividends reinvested, the total return was +19.0%.
How far did the S&P 500 fall in 1944?
Its deepest peak-to-trough decline within 1944 was −6.9%, reaching bottom on September 14, 1944.
Was 1944 part of a bear market?
No. No decline of 20% or more from a record close was under way in 1944.
Did the S&P 500 hit a record high in 1944?
No. The index never closed above its previous record in 1944.
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.