The S&P 500 in 2008
The S&P 500 fell 38.5% in 2008, from 1,468.36 to 903.25; with dividends reinvested, the total return was −37.0%. That ranks 2008 3rd-worst of the 98 complete calendar years since 1928.
- Price return
- −38.5%
- Total return
- −37.0%
- Deepest decline in the year
- −48.0%November 20, 2008
- Year-end close
- 903.25December 31, 2008
- Highest close
- 1,447.16January 2, 2008
- Lowest close
- 752.44November 20, 2008
- Record closes
- 0
- Trading days
- 253
- Best day
- +11.6%October 13, 2008
- Worst day
- −9.0%October 15, 2008
- Shiller CAPE in January
- 24.0
How 2008 unfolded
The highest close of the year was 1,447.16 on January 2, 2008; the lowest was 752.44 on November 20, 2008.
The deepest fall from a peak within the year was −48.0%, bottoming on November 20, 2008.
No close set a new all-time high.
The best session was October 13, 2008 (+11.6%); the worst was October 15, 2008 (−9.0%).
The U.S. economy was in an NBER-dated recession in 12 months of 2008: January 2008 to December 2008.
The Shiller CAPE stood at 24.0 in January 2008.
The VIX averaged 32.7 over the year and closed as high as 80.9 on November 20, 2008.
Drawdowns that touched 2008
| Drawdown | Peak → trough | Decline | Back at the record |
|---|---|---|---|
| The Global Financial Crisis | October 9, 2007 → March 9, 2009 | −56.8% | March 28, 2013 |
Every decline of 5% or more from a record close that was under way, or still being recovered, during 2008.
2008 month by month
| Month | Return |
|---|---|
| January | −6.1% |
| February | −3.5% |
| March | −0.6% |
| April | +4.8% |
| May | +1.1% |
| June | −8.6% |
| July | −1.0% |
| August | +1.2% |
| September | −9.1% |
| October | −16.9% |
| November | −7.5% |
| December | +0.8% |
What $10,000 at the start of 2008 became
$10,000 invested in the S&P 500 at the start of 2008, with dividends reinvested, grew to $65,996 by the end of 2025: 11.1% a year. On price alone, without dividends, it came to $46,619.
FAQ
What was the S&P 500 return in 2008?
The S&P 500 fell 38.5% in 2008, from 1,468.36 to 903.25; with dividends reinvested, the total return was −37.0%.
How far did the S&P 500 fall in 2008?
Its deepest peak-to-trough decline within 2008 was −48.0%, reaching bottom on November 20, 2008.
Was 2008 part of a bear market?
Yes. 2008 falls inside the 2007–2009 bear market (The Global Financial Crisis), when the S&P 500 fell 56.8% from its record close on October 9, 2007 to its low on March 9, 2009.
Did the S&P 500 hit a record high in 2008?
No. The index never closed above its previous record in 2008.
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.