The S&P 500 in 1988
The S&P 500 rose 12.4% in 1988, from 247.08 to 277.72; with dividends reinvested, the total return was +16.5%. That ranks 1988 47th-best of the 98 complete calendar years since 1928.
- Price return
- +12.4%
- Total return
- +16.5%
- Deepest decline in the year
- −7.6%May 23, 1988
- Year-end close
- 277.72December 30, 1988
- Highest close
- 283.66October 21, 1988
- Lowest close
- 242.63January 20, 1988
- Record closes
- 0
- Trading days
- 253
- Best day
- +3.6%January 4, 1988
- Worst day
- −6.8%January 8, 1988
- Shiller CAPE in January
- 13.9
How 1988 unfolded
The highest close of the year was 283.66 on October 21, 1988; the lowest was 242.63 on January 20, 1988.
The deepest fall from a peak within the year was −7.6%, bottoming on May 23, 1988.
No close set a new all-time high.
The best session was January 4, 1988 (+3.6%); the worst was January 8, 1988 (−6.8%).
No month of 1988 falls inside an NBER-dated recession.
The Shiller CAPE stood at 13.9 in January 1988.
Drawdowns that touched 1988
| Drawdown | Peak → trough | Decline | Back at the record |
|---|---|---|---|
| Black Monday | August 25, 1987 → December 4, 1987 | −33.5% | July 26, 1989 |
Every decline of 5% or more from a record close that was under way, or still being recovered, during 1988.
What $10,000 at the start of 1988 became
$10,000 invested in the S&P 500 at the start of 1988, with dividends reinvested, grew to $615,572 by the end of 2025: 11.5% a year. On price alone, without dividends, it came to $277,037.
FAQ
What was the S&P 500 return in 1988?
The S&P 500 rose 12.4% in 1988, from 247.08 to 277.72; with dividends reinvested, the total return was +16.5%.
How far did the S&P 500 fall in 1988?
Its deepest peak-to-trough decline within 1988 was −7.6%, reaching bottom on May 23, 1988.
Was 1988 part of a bear market?
No. No decline of 20% or more from a record close was under way in 1988.
Did the S&P 500 hit a record high in 1988?
No. The index never closed above its previous record in 1988.
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.