The S&P 500 in 2004
The S&P 500 rose 9.0% in 2004, from 1,111.92 to 1,211.92; with dividends reinvested, the total return was +10.9%. That ranks 2004 44th-worst of the 98 complete calendar years since 1928.
- Price return
- +9.0%
- Total return
- +10.9%
- Deepest decline in the year
- −8.2%August 12, 2004
- Year-end close
- 1,211.92December 31, 2004
- Highest close
- 1,213.55December 30, 2004
- Lowest close
- 1,063.23August 12, 2004
- Record closes
- 0
- Trading days
- 252
- Best day
- +1.6%March 25, 2004
- Worst day
- −1.6%August 5, 2004
- Shiller CAPE in January
- 27.7
How 2004 unfolded
The highest close of the year was 1,213.55 on December 30, 2004; the lowest was 1,063.23 on August 12, 2004.
The deepest fall from a peak within the year was −8.2%, bottoming on August 12, 2004.
No close set a new all-time high.
The best session was March 25, 2004 (+1.6%); the worst was August 5, 2004 (−1.6%).
No month of 2004 falls inside an NBER-dated recession.
The Shiller CAPE stood at 27.7 in January 2004.
The VIX averaged 15.5 over the year and closed as high as 21.6 on March 22, 2004.
Drawdowns that touched 2004
| Drawdown | Peak → trough | Decline | Back at the record |
|---|---|---|---|
| The Dot-Com Bust | March 24, 2000 → October 9, 2002 | −49.1% | May 30, 2007 |
Every decline of 5% or more from a record close that was under way, or still being recovered, during 2004.
2004 month by month
| Month | Return |
|---|---|
| January | +1.7% |
| February | +1.2% |
| March | −1.6% |
| April | −1.7% |
| May | +1.2% |
| June | +1.8% |
| July | −3.4% |
| August | +0.2% |
| September | +0.9% |
| October | +1.4% |
| November | +3.9% |
| December | +3.3% |
What $10,000 at the start of 2004 became
$10,000 invested in the S&P 500 at the start of 2004, with dividends reinvested, grew to $93,771 by the end of 2025: 10.7% a year. On price alone, without dividends, it came to $61,561.
FAQ
What was the S&P 500 return in 2004?
The S&P 500 rose 9.0% in 2004, from 1,111.92 to 1,211.92; with dividends reinvested, the total return was +10.9%.
How far did the S&P 500 fall in 2004?
Its deepest peak-to-trough decline within 2004 was −8.2%, reaching bottom on August 12, 2004.
Was 2004 part of a bear market?
No. No decline of 20% or more from a record close was under way in 2004.
Did the S&P 500 hit a record high in 2004?
No. The index never closed above its previous record in 2004.
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) · Monthly returns · 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.