The S&P 500 in 1998
The S&P 500 rose 26.7% in 1998, from 970.43 to 1,229.23; with dividends reinvested, the total return was +28.6%. That ranks 1998 15th-best of the 98 complete calendar years since 1928.
- Price return
- +26.7%
- Total return
- +28.6%
- Deepest decline in the year
- −19.3%August 31, 1998
- Year-end close
- 1,229.23December 31, 1998
- Highest close
- 1,241.81December 29, 1998
- Lowest close
- 927.69January 9, 1998
- Record closes
- 47
- Trading days
- 252
- Best day
- +5.1%September 8, 1998
- Worst day
- −6.8%August 31, 1998
- Shiller CAPE in January
- 32.9
How 1998 unfolded
The highest close of the year was 1,241.81 on December 29, 1998; the lowest was 927.69 on January 9, 1998.
The deepest fall from a peak within the year was −19.3%, bottoming on August 31, 1998.
47 closes set new all-time highs, the last on December 29, 1998.
The best session was September 8, 1998 (+5.1%); the worst was August 31, 1998 (−6.8%).
No month of 1998 falls inside an NBER-dated recession.
The Shiller CAPE stood at 32.9 in January 1998.
The VIX averaged 25.6 over the year and closed as high as 45.7 on October 8, 1998.
Drawdowns that touched 1998
| Drawdown | Peak → trough | Decline | Back at the record |
|---|---|---|---|
| Pullback (5–10%) | December 5, 1997 → January 9, 1998 | −5.7% | January 29, 1998 |
| Correction (10–20%) | July 17, 1998 → August 31, 1998 | −19.3% | November 23, 1998 |
Every decline of 5% or more from a record close that was under way, or still being recovered, during 1998.
What $10,000 at the start of 1998 became
$10,000 invested in the S&P 500 at the start of 1998, with dividends reinvested, grew to $117,168 by the end of 2025: 9.2% a year. On price alone, without dividends, it came to $70,537.
FAQ
What was the S&P 500 return in 1998?
The S&P 500 rose 26.7% in 1998, from 970.43 to 1,229.23; with dividends reinvested, the total return was +28.6%.
How far did the S&P 500 fall in 1998?
Its deepest peak-to-trough decline within 1998 was −19.3%, reaching bottom on August 31, 1998.
Was 1998 part of a bear market?
No. No decline of 20% or more from a record close was under way in 1998.
Did the S&P 500 hit a record high in 1998?
Yes: 47 closes set new all-time highs in 1998, the last on December 29, 1998.
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.