Dow Jones in 1939

The Dow Jones Industrial Average fell 2.9% in 1939, from 154.76 at the end of 1938 to 150.24. Its highest close was 155.92 on Sep 12, and its lowest 121.44 on Apr 8. The biggest one-day fall was −3.9% on Apr 8 and the biggest rise +7.3% on Sep 5. Adjusted for inflation, it lost 2.9%.

Change in 1939

−2.9%

154.76 → 150.24

High

155.92

Sep 12

Low

121.44

Apr 8

After inflation

−2.9%

US CPI

Up days

149 of 300

longest run 6 up, 5 down

Below record

-60.6%

at the end of 1939

Dow Jones, daily closes 1939

Numbers mark the events below

Key Events in 1939

What happened, and how the Dow Jones moved — on the day (or the next trading day) and about a month later.

1
Thursday, April 6 From the data

Enters a bear market: 20% below its peak of 158.41 (November 12, 1938).
2
Saturday, April 8 From the data

Bear market low: 121.44, 23.3% below the peak. Biggest one-day fall of the year: −3.9%.
3
Friday, September 1

Germany invades Poland. Source

Dow Jones: +0.6% that day · +14.2% a month later
4
Sunday, September 3

United Kingdom and France declare war on Germany. Source

Dow Jones: +7.3% next trading day (Sep 5) · +9.4% a month later
5
Tuesday, September 5

United States declares its neutrality in the European war. Source

Dow Jones: +7.3% that day · +9.4% a month later
6
Saturday, November 4

Roosevelt signs the Neutrality Act of 1939, allowing cash-and-carry arms sales to belligerents. Source

Dow Jones: −0.2% that day · −4.0% a month later

Biggest days of 1939

Best days		Worst days
Sep 5	+7.3%	Apr 8	−3.9%
Jul 17	+3.4%	Jan 23	−3.7%
Sep 19	+3.0%	Mar 31	−3.5%
Sep 11	+2.8%	Apr 6	−3.1%
Apr 15	+2.7%	Jan 26	−3.1%

Volatility: 18.5% (annualised standard deviation of daily changes).

Month by month

Month	Close	Change	High	Low
Jan	143.76	−7.1%	154.85	136.42
Feb	147.30	+2.5%	147.30	142.43
Mar	131.84	−10.5%	152.28	131.84
Apr	128.45	−2.6%	132.83	121.44
May	138.18	+7.6%	138.18	127.83
Jun	130.63	−5.5%	140.14	130.05
Jul	143.26	+9.7%	144.71	131.73
Aug	134.41	−6.2%	144.26	131.33
Sep	152.54	+13.5%	155.92	135.25
Oct	151.88	−0.4%	155.48	149.60
Nov	145.69	−4.1%	152.64	145.69
Dec	150.24	+3.1%	150.24	146.34

1930 1931 1932 1933 1934 1935 1936 1937 1938 1939

Dow Jones in 1939: FAQ

How much did the Dow Jones Industrial Average fall in 1939?

What were the highest and lowest closes of the Dow Jones Industrial Average in 1939?

Highest: 155.92 on September 12, 1939. Lowest: 121.44 on April 8, 1939. It closed higher on 149 of 300 trading days.

What happened to the Dow Jones Industrial Average on September 3, 1939?

United Kingdom and France declare war on Germany. The Dow Jones Industrial Average rose 7.3% on the next trading day (September 5, 1939), and was +9.4% a month later.

Data: Daily closes since 26 May 1896. Saturday sessions were held until 1952. The NYSE was closed from 31 Jul to 11 Dec 1914. Price index: dividends are not included. Inflation: US CPI-U. Events marked "From the data" are found automatically from the closing prices; the others are researched, with the source linked. Not investment advice.