The S&P 500 in 1973
The S&P 500 fell 17.4% in 1973, from 118.05 to 97.55; with dividends reinvested, the total return was −14.3%. That ranks 1973 9th-worst of the 98 complete calendar years since 1928.
- Price return
- −17.4%
- Total return
- −14.3%
- Deepest decline in the year
- −23.4%December 5, 1973
- Year-end close
- 97.55December 31, 1973
- Highest close
- 120.24January 11, 1973
- Lowest close
- 92.16December 5, 1973
- Record closes
- 3
- Trading days
- 252
- Best day
- +3.1%December 26, 1973
- Worst day
- −3.1%November 19, 1973
- Shiller CAPE in January
- 18.7
How 1973 unfolded
The highest close of the year was 120.24 on January 11, 1973; the lowest was 92.16 on December 5, 1973.
The deepest fall from a peak within the year was −23.4%, bottoming on December 5, 1973.
3 closes set new all-time highs, the last on January 11, 1973.
The best session was December 26, 1973 (+3.1%); the worst was November 19, 1973 (−3.1%).
The U.S. economy was in an NBER-dated recession in one month of 1973: December 1973.
The Shiller CAPE stood at 18.7 in January 1973.
Drawdowns that touched 1973
| Drawdown | Peak → trough | Decline | Back at the record |
|---|---|---|---|
| Oil Shock and Stagflation | January 11, 1973 → October 3, 1974 | −48.2% | July 17, 1980 |
Every decline of 5% or more from a record close that was under way, or still being recovered, during 1973.
What $10,000 at the start of 1973 became
$10,000 invested in the S&P 500 at the start of 1973, with dividends reinvested, grew to $2,515,386 by the end of 2025: 11.0% a year. On price alone, without dividends, it came to $579,780.
FAQ
What was the S&P 500 return in 1973?
The S&P 500 fell 17.4% in 1973, from 118.05 to 97.55; with dividends reinvested, the total return was −14.3%.
How far did the S&P 500 fall in 1973?
Its deepest peak-to-trough decline within 1973 was −23.4%, reaching bottom on December 5, 1973.
Was 1973 part of a bear market?
Yes. 1973 falls inside the 1973–1974 bear market (Oil Shock and Stagflation), when the S&P 500 fell 48.2% from its record close on January 11, 1973 to its low on October 3, 1974.
Did the S&P 500 hit a record high in 1973?
Yes: 3 closes set new all-time highs in 1973, the last on January 11, 1973.
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.