The S&P 500 in 1991
The S&P 500 rose 26.3% in 1991, from 330.22 to 417.09; with dividends reinvested, the total return was +30.5%. That ranks 1991 19th-best of the 98 complete calendar years since 1928.
- Price return
- +26.3%
- Total return
- +30.5%
- Deepest decline in the year
- −5.6%May 15, 1991
- Year-end close
- 417.09December 31, 1991
- Highest close
- 417.09December 31, 1991
- Lowest close
- 311.49January 9, 1991
- Record closes
- 22
- Trading days
- 253
- Best day
- +3.7%January 17, 1991
- Worst day
- −3.7%November 15, 1991
- Shiller CAPE in January
- 15.6
How 1991 unfolded
The highest close of the year was 417.09 on December 31, 1991; the lowest was 311.49 on January 9, 1991.
The deepest fall from a peak within the year was −5.6%, bottoming on May 15, 1991.
22 closes set new all-time highs, the last on December 31, 1991.
The best session was January 17, 1991 (+3.7%); the worst was November 15, 1991 (−3.7%).
The U.S. economy was in an NBER-dated recession in 3 months of 1991: January 1991 to March 1991.
The Shiller CAPE stood at 15.6 in January 1991.
The VIX averaged 18.4 over the year and closed as high as 36.2 on January 14, 1991.
Drawdowns that touched 1991
| Drawdown | Peak → trough | Decline | Back at the record |
|---|---|---|---|
| Correction (10–20%) | July 16, 1990 → October 11, 1990 | −19.9% | February 13, 1991 |
| Pullback (5–10%) | April 17, 1991 → May 15, 1991 | −5.6% | August 6, 1991 |
| Pullback (5–10%) | August 28, 1991 → October 9, 1991 | −5.0% | November 12, 1991 |
| Pullback (5–10%) | November 13, 1991 → November 29, 1991 | −5.6% | December 24, 1991 |
Every decline of 5% or more from a record close that was under way, or still being recovered, during 1991.
What $10,000 at the start of 1991 became
$10,000 invested in the S&P 500 at the start of 1991, with dividends reinvested, grew to $413,962 by the end of 2025: 11.2% a year. On price alone, without dividends, it came to $207,291.
FAQ
What was the S&P 500 return in 1991?
The S&P 500 rose 26.3% in 1991, from 330.22 to 417.09; with dividends reinvested, the total return was +30.5%.
How far did the S&P 500 fall in 1991?
Its deepest peak-to-trough decline within 1991 was −5.6%, reaching bottom on May 15, 1991.
Was 1991 part of a bear market?
No. No decline of 20% or more from a record close was under way in 1991.
Did the S&P 500 hit a record high in 1991?
Yes: 22 closes set new all-time highs in 1991, the last on December 31, 1991.
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) · VIX daily closes
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.