The S&P 500 in 1997
The S&P 500 rose 31.0% in 1997, from 740.74 to 970.43; with dividends reinvested, the total return was +33.4%. That ranks 1997 8th-best of the 98 complete calendar years since 1928.
- Price return
- +31.0%
- Total return
- +33.4%
- Deepest decline in the year
- −10.8%October 27, 1997
- Year-end close
- 970.43December 31, 1997
- Highest close
- 983.79December 5, 1997
- Lowest close
- 737.01January 2, 1997
- Record closes
- 45
- Trading days
- 253
- Best day
- +5.1%October 28, 1997
- Worst day
- −6.9%October 27, 1997
- Shiller CAPE in January
- 28.3
How 1997 unfolded
The highest close of the year was 983.79 on December 5, 1997; the lowest was 737.01 on January 2, 1997.
The deepest fall from a peak within the year was −10.8%, bottoming on October 27, 1997.
45 closes set new all-time highs, the last on December 5, 1997.
The best session was October 28, 1997 (+5.1%); the worst was October 27, 1997 (−6.9%).
No month of 1997 falls inside an NBER-dated recession.
The Shiller CAPE stood at 28.3 in January 1997.
The VIX averaged 22.4 over the year and closed as high as 38.2 on October 30, 1997.
Drawdowns that touched 1997
| Drawdown | Peak → trough | Decline | Back at the record |
|---|---|---|---|
| Pullback (5–10%) | February 18, 1997 → April 11, 1997 | −9.6% | May 5, 1997 |
| Pullback (5–10%) | August 6, 1997 → August 29, 1997 | −6.3% | October 2, 1997 |
| Correction (10–20%) | October 7, 1997 → October 27, 1997 | −10.8% | December 5, 1997 |
| Pullback (5–10%) | December 5, 1997 → January 9, 1998 | −5.7% | January 29, 1998 |
Every decline of 5% or more from a record close that was under way, or still being recovered, during 1997.
What $10,000 at the start of 1997 became
$10,000 invested in the S&P 500 at the start of 1997, with dividends reinvested, grew to $156,255 by the end of 2025: 9.9% a year. On price alone, without dividends, it came to $92,411.
FAQ
What was the S&P 500 return in 1997?
The S&P 500 rose 31.0% in 1997, from 740.74 to 970.43; with dividends reinvested, the total return was +33.4%.
How far did the S&P 500 fall in 1997?
Its deepest peak-to-trough decline within 1997 was −10.8%, reaching bottom on October 27, 1997.
Was 1997 part of a bear market?
No. No decline of 20% or more from a record close was under way in 1997.
Did the S&P 500 hit a record high in 1997?
Yes: 45 closes set new all-time highs in 1997, the last on December 5, 1997.
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.