The S&P 500 in 1989
The S&P 500 rose 27.3% in 1989, from 277.72 to 353.40; with dividends reinvested, the total return was +31.7%. That ranks 1989 13th-best of the 98 complete calendar years since 1928.
- Price return
- +27.3%
- Total return
- +31.7%
- Deepest decline in the year
- −7.6%November 6, 1989
- Year-end close
- 353.40December 29, 1989
- Highest close
- 359.80October 9, 1989
- Lowest close
- 275.31January 3, 1989
- Record closes
- 13
- Trading days
- 252
- Best day
- +2.8%October 16, 1989
- Worst day
- −6.1%October 13, 1989
- Shiller CAPE in January
- 15.1
How 1989 unfolded
The highest close of the year was 359.80 on October 9, 1989; the lowest was 275.31 on January 3, 1989.
The deepest fall from a peak within the year was −7.6%, bottoming on November 6, 1989.
13 closes set new all-time highs, the last on October 9, 1989.
The best session was October 16, 1989 (+2.8%); the worst was October 13, 1989 (−6.1%).
No month of 1989 falls inside an NBER-dated recession.
The Shiller CAPE stood at 15.1 in January 1989.
Drawdowns that touched 1989
| Drawdown | Peak → trough | Decline | Back at the record |
|---|---|---|---|
| Black Monday | August 25, 1987 → December 4, 1987 | −33.5% | July 26, 1989 |
| Correction (10–20%) | October 9, 1989 → January 30, 1990 | −10.2% | May 29, 1990 |
Every decline of 5% or more from a record close that was under way, or still being recovered, during 1989.
What $10,000 at the start of 1989 became
$10,000 invested in the S&P 500 at the start of 1989, with dividends reinvested, grew to $528,207 by the end of 2025: 11.3% a year. On price alone, without dividends, it came to $246,474.
FAQ
What was the S&P 500 return in 1989?
The S&P 500 rose 27.3% in 1989, from 277.72 to 353.40; with dividends reinvested, the total return was +31.7%.
How far did the S&P 500 fall in 1989?
Its deepest peak-to-trough decline within 1989 was −7.6%, reaching bottom on November 6, 1989.
Was 1989 part of a bear market?
No. No decline of 20% or more from a record close was under way in 1989.
Did the S&P 500 hit a record high in 1989?
Yes: 13 closes set new all-time highs in 1989, the last on October 9, 1989.
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.