The S&P 500 in 1974
The S&P 500 fell 29.7% in 1974, from 97.55 to 68.56; with dividends reinvested, the total return was −25.9%. That ranks 1974 4th-worst of the 98 complete calendar years since 1928.
- Price return
- −29.7%
- Total return
- −25.9%
- Deepest decline in the year
- −37.6%October 3, 1974
- Year-end close
- 68.56December 31, 1974
- Highest close
- 99.80January 3, 1974
- Lowest close
- 62.28October 3, 1974
- Record closes
- 0
- Trading days
- 253
- Best day
- +4.6%October 9, 1974
- Worst day
- −3.7%November 18, 1974
- Shiller CAPE in January
- 13.5
How 1974 unfolded
The highest close of the year was 99.80 on January 3, 1974; the lowest was 62.28 on October 3, 1974.
The deepest fall from a peak within the year was −37.6%, bottoming on October 3, 1974.
No close set a new all-time high.
The best session was October 9, 1974 (+4.6%); the worst was November 18, 1974 (−3.7%).
The U.S. economy was in an NBER-dated recession in 12 months of 1974: January 1974 to December 1974.
The Shiller CAPE stood at 13.5 in January 1974.
Drawdowns that touched 1974
| 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 1974.
What $10,000 at the start of 1974 became
$10,000 invested in the S&P 500 at the start of 1974, with dividends reinvested, grew to $2,935,448 by the end of 2025: 11.5% a year. On price alone, without dividends, it came to $701,658.
FAQ
What was the S&P 500 return in 1974?
The S&P 500 fell 29.7% in 1974, from 97.55 to 68.56; with dividends reinvested, the total return was −25.9%.
How far did the S&P 500 fall in 1974?
Its deepest peak-to-trough decline within 1974 was −37.6%, reaching bottom on October 3, 1974.
Was 1974 part of a bear market?
Yes. 1974 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 1974?
No. The index never closed above its previous record in 1974.
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.