The S&P 500 in 1978
The S&P 500 rose 1.1% in 1978, from 95.10 to 96.11; with dividends reinvested, the total return was +6.5%. That ranks 1978 34th-worst of the 98 complete calendar years since 1928.
- Price return
- +1.1%
- Total return
- +6.5%
- Deepest decline in the year
- −13.6%November 14, 1978
- Year-end close
- 96.11December 29, 1978
- Highest close
- 106.99September 12, 1978
- Lowest close
- 86.90March 6, 1978
- Record closes
- 0
- Trading days
- 252
- Best day
- +4.0%November 1, 1978
- Worst day
- −2.0%October 31, 1978
- Shiller CAPE in January
- 9.2
How 1978 unfolded
The highest close of the year was 106.99 on September 12, 1978; the lowest was 86.90 on March 6, 1978.
The deepest fall from a peak within the year was −13.6%, bottoming on November 14, 1978.
No close set a new all-time high.
The best session was November 1, 1978 (+4.0%); the worst was October 31, 1978 (−2.0%).
No month of 1978 falls inside an NBER-dated recession.
The Shiller CAPE stood at 9.2 in January 1978.
Drawdowns that touched 1978
| 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 1978.
What $10,000 at the start of 1978 became
$10,000 invested in the S&P 500 at the start of 1978, with dividends reinvested, grew to $2,510,345 by the end of 2025: 12.2% a year. On price alone, without dividends, it came to $719,724.
FAQ
What was the S&P 500 return in 1978?
The S&P 500 rose 1.1% in 1978, from 95.10 to 96.11; with dividends reinvested, the total return was +6.5%.
How far did the S&P 500 fall in 1978?
Its deepest peak-to-trough decline within 1978 was −13.6%, reaching bottom on November 14, 1978.
Was 1978 part of a bear market?
No. No decline of 20% or more from a record close was under way in 1978.
Did the S&P 500 hit a record high in 1978?
No. The index never closed above its previous record in 1978.
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.