The S&P 500 in 1948
The S&P 500 fell 0.7% in 1948, from 15.30 to 15.20; with dividends reinvested, the total return was +5.7%. That ranks 1948 30th-worst of the 98 complete calendar years since 1928.
- Price return
- −0.7%
- Total return
- +5.7%
- Deepest decline in the year
- −13.5%November 30, 1948
- Year-end close
- 15.20December 31, 1948
- Highest close
- 17.06June 15, 1948
- Lowest close
- 13.84March 16, 1948
- Record closes
- 0
- Trading days
- 251
- Best day
- +2.4%May 14, 1948
- Worst day
- −4.6%November 3, 1948
- Shiller CAPE in January
- 10.4
How 1948 unfolded
The highest close of the year was 17.06 on June 15, 1948; the lowest was 13.84 on March 16, 1948.
The deepest fall from a peak within the year was −13.5%, bottoming on November 30, 1948.
No close set a new all-time high.
The best session was May 14, 1948 (+2.4%); the worst was November 3, 1948 (−4.6%).
The U.S. economy was in an NBER-dated recession in one month of 1948: December 1948.
The Shiller CAPE stood at 10.4 in January 1948.
Drawdowns that touched 1948
| 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 1948.
What $10,000 at the start of 1948 became
$10,000 invested in the S&P 500 at the start of 1948, with dividends reinvested, grew to $55,098,937 by the end of 2025: 11.7% a year. On price alone, without dividends, it came to $4,474,285.
FAQ
What was the S&P 500 return in 1948?
The S&P 500 fell 0.7% in 1948, from 15.30 to 15.20; with dividends reinvested, the total return was +5.7%.
How far did the S&P 500 fall in 1948?
Its deepest peak-to-trough decline within 1948 was −13.5%, reaching bottom on November 30, 1948.
Was 1948 part of a bear market?
No. No decline of 20% or more from a record close was under way in 1948.
Did the S&P 500 hit a record high in 1948?
No. The index never closed above its previous record in 1948.
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.