The S&P 500 in 1946
The S&P 500 fell 11.9% in 1946, from 17.36 to 15.30; with dividends reinvested, the total return was −8.4%. That ranks 1946 16th-worst of the 98 complete calendar years since 1928.
- Price return
- −11.9%
- Total return
- −8.4%
- Deepest decline in the year
- −26.7%October 9, 1946
- Year-end close
- 15.30December 31, 1946
- Highest close
- 19.25May 29, 1946
- Lowest close
- 14.12October 9, 1946
- Record closes
- 0
- Trading days
- 250
- Best day
- +4.0%October 15, 1946
- Worst day
- −4.3%November 6, 1946
- Shiller CAPE in January
- 15.6
How 1946 unfolded
The highest close of the year was 19.25 on May 29, 1946; the lowest was 14.12 on October 9, 1946.
The deepest fall from a peak within the year was −26.7%, bottoming on October 9, 1946.
No close set a new all-time high.
The best session was October 15, 1946 (+4.0%); the worst was November 6, 1946 (−4.3%).
No month of 1946 falls inside an NBER-dated recession.
The Shiller CAPE stood at 15.6 in January 1946.
Drawdowns that touched 1946
| 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 1946.
What $10,000 at the start of 1946 became
$10,000 invested in the S&P 500 at the start of 1946, with dividends reinvested, grew to $53,077,710 by the end of 2025: 11.3% a year. On price alone, without dividends, it came to $3,943,187.
FAQ
What was the S&P 500 return in 1946?
The S&P 500 fell 11.9% in 1946, from 17.36 to 15.30; with dividends reinvested, the total return was −8.4%.
How far did the S&P 500 fall in 1946?
Its deepest peak-to-trough decline within 1946 was −26.7%, reaching bottom on October 9, 1946.
Was 1946 part of a bear market?
No. No decline of 20% or more from a record close was under way in 1946.
Did the S&P 500 hit a record high in 1946?
No. The index never closed above its previous record in 1946.
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.