The S&P 500 in 2023
The S&P 500 rose 24.2% in 2023, from 3,839.50 to 4,769.83; with dividends reinvested, the total return was +26.3%. That ranks 2023 22nd-best of the 98 complete calendar years since 1928.
- Price return
- +24.2%
- Total return
- +26.3%
- Deepest decline in the year
- −10.3%October 27, 2023
- Year-end close
- 4,769.83December 29, 2023
- Highest close
- 4,783.35December 28, 2023
- Lowest close
- 3,808.10January 5, 2023
- Record closes
- 0
- Trading days
- 250
- Best day
- +2.3%January 6, 2023
- Worst day
- −2.0%February 21, 2023
- Shiller CAPE in January
- 28.3
How 2023 unfolded
The highest close of the year was 4,783.35 on December 28, 2023; the lowest was 3,808.10 on January 5, 2023.
The deepest fall from a peak within the year was −10.3%, bottoming on October 27, 2023.
No close set a new all-time high.
The best session was January 6, 2023 (+2.3%); the worst was February 21, 2023 (−2.0%).
No month of 2023 falls inside an NBER-dated recession.
The Shiller CAPE stood at 28.3 in January 2023.
The VIX averaged 16.8 over the year and closed as high as 26.5 on March 13, 2023.
Drawdowns that touched 2023
| Drawdown | Peak → trough | Decline | Back at the record |
|---|---|---|---|
| Inflation and Rate Hikes | January 3, 2022 → October 12, 2022 | −25.4% | January 19, 2024 |
Every decline of 5% or more from a record close that was under way, or still being recovered, during 2023.
2023 month by month
| Month | Return |
|---|---|
| January | +6.2% |
| February | −2.6% |
| March | +3.5% |
| April | +1.5% |
| May | +0.3% |
| June | +6.5% |
| July | +3.1% |
| August | −1.8% |
| September | −4.9% |
| October | −2.2% |
| November | +8.9% |
| December | +4.4% |
S&P 500 index changes in 2023
| Effective | Added | Removed |
|---|---|---|
| January 4, 2023 | GEHC · GE HealthCare | — |
| January 5, 2023 | — | VNO · Vornado Realty Trust |
| March 15, 2023 | BG · Bunge Global | SBNY · Signature Bank |
| March 15, 2023 | PODD · Insulet | SIVB · SVB Financial Group |
| March 20, 2023 | FICO · Fair Isaac | LUMN · Lumen Technologies |
| May 4, 2023 | AXON · Axon Enterprise | FRC · First Republic Bank |
| June 20, 2023 | PANW · Palo Alto Networks | DISH · Dish Network |
| August 25, 2023 | KVUE · Kenvue | AAP · Advance Auto Parts |
| September 18, 2023 | BX · Blackstone | LNC · Lincoln National Corporation |
| September 18, 2023 | ABNB · Airbnb | NWL · Newell Brands |
| October 2, 2023 | VLTO · Veralto | — |
| October 3, 2023 | — | DXC · DXC Technology |
| October 18, 2023 | HUBB · Hubbell | OGN · Organon & Co. |
| October 18, 2023 | LULU · Lululemon Athletica | ATVI · Activision Blizzard |
| December 18, 2023 | UBER · Uber | SEE · Sealed Air |
| December 18, 2023 | JBL · Jabil | ALK · Alaska Air Group |
| December 18, 2023 | BLDR · Builders FirstSource | SEDG · SolarEdge |
17 changes took effect in 2023.
What $10,000 at the start of 2023 became
$10,000 invested in the S&P 500 at the start of 2023, with dividends reinvested, grew to $18,612 by the end of 2025: 23.0% a year. On price alone, without dividends, it came to $17,830.
FAQ
What was the S&P 500 return in 2023?
The S&P 500 rose 24.2% in 2023, from 3,839.50 to 4,769.83; with dividends reinvested, the total return was +26.3%.
How far did the S&P 500 fall in 2023?
Its deepest peak-to-trough decline within 2023 was −10.3%, reaching bottom on October 27, 2023.
Was 2023 part of a bear market?
No. No decline of 20% or more from a record close was under way in 2023.
Did the S&P 500 hit a record high in 2023?
No. The index never closed above its previous record in 2023.
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 · Index changes · 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.