Russell 2000 in 1998

The Russell 2000 fell 3.4% in 1998, from 437.02 at the end of 1997 to 421.96. Its highest close was 491.41 on Apr 21 — a record that stood until December 29, 1999, and its lowest 310.28 on Oct 8. The biggest one-day fall was −5.7% on Aug 31 and the biggest rise +4.3% on Sep 8. Adjusted for inflation, it lost 5.0%.

Change in 1998

−3.4%

437.02 → 421.96

High

491.41

Apr 21

Low

310.28

Oct 8

After inflation

−5.0%

US CPI

Up days

132 of 252

longest run 10 up, 11 down

Record highs

closing records

Russell 2000, daily closes 1998

Numbers mark the events below

Key Events in 1998

What happened, and how the Russell 2000 moved — on the day (or the next trading day) and about a month later.

1
Wednesday, March 11 From the data

Russell 2000 sets the first of 15 record closing highs this year, at 467.12.
2
Tuesday, April 21 From the data

Last record close of the year: 491.41.
3
Monday, August 17

Russia devalues the ruble, defaults on domestic debt and declares a moratorium on foreign debt payments. Source

Russell 2000: +0.3% that day · −11.2% a month later
4
Tuesday, August 25 From the data

Enters a bear market: 20% below its peak of 491.41 (April 21, 1998).
5
Monday, August 31 From the data

Biggest one-day fall of the year: −5.7%.
6
Tuesday, September 8 From the data

Biggest one-day rise of the year: +4.3%.
7
Wednesday, September 23

New York Fed organizes a $3.6 billion recapitalization of Long-Term Capital Management by 14 institutions. Source

Russell 2000: +2.1% that day · −2.3% a month later
8
Thursday, October 8 From the data

Bear market low: 310.28, 36.9% below the peak.
9
Thursday, October 15

Fed cuts its federal funds target to 5.00%. Source

Russell 2000: +3.0% that day · +20.7% a month later

Biggest days of 1998

Best days		Worst days
Sep 8	+4.3%	Aug 31	−5.7%
Oct 15	+3.0%	Aug 27	−3.8%
Oct 19	+2.8%	Oct 1	−3.7%
Oct 9	+2.6%	Oct 8	−3.7%
Sep 11	+2.5%	Oct 5	−3.7%

Volatility: 20.1% (annualised standard deviation of daily changes).

Month by month

Month	Close	Change	High	Low
Jan	430.05	−1.6%	437.06	410.88
Feb	461.83	+7.4%	461.83	434.42
Mar	480.68	+4.1%	480.68	456.82
Apr	482.89	+0.5%	491.41	468.50
May	456.62	−5.4%	485.46	450.26
Jun	457.39	+0.2%	457.39	433.86
Jul	419.75	−8.2%	463.64	419.75
Aug	337.95	−19.5%	415.80	337.95
Sep	363.59	+7.6%	376.00	344.97
Oct	378.16	+4.0%	378.16	310.28
Nov	397.75	+5.2%	402.09	386.82
Dec	421.96	+6.1%	421.96	387.94

Other Markets in 1998

Change over the calendar year.

Market	Change	Year-end
Russell 2000	−3.4%	421.96
Dow Jones Industrial Average in 1998	+16.1%	9,181.43
S&P 500 in 1998	+26.7%	1,229.23
Nasdaq Composite in 1998	+39.6%	2,192.69
Nikkei 225 in 1998	−9.3%	13,842.17
Gold in 1998	−0.8%	$287.80
Silver in 1998	−16.2%	$5.01
WTI crude oil in 1998	−31.2%	$12.14
Brent crude oil in 1998	−33.5%	$10.54
US 10-year Treasury yield in 1998	−1.10 pp	4.65%

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

Russell 2000 in 1998: FAQ

How much did the Russell 2000 fall in 1998?

What were the highest and lowest closes of the Russell 2000 in 1998?

Highest: 491.41 on April 21, 1998. Lowest: 310.28 on October 8, 1998. It closed higher on 132 of 252 trading days.

What happened to the Russell 2000 on October 15, 1998?

Fed cuts its federal funds target to 5.00%. The Russell 2000 rose 3.0% that day, and was +20.7% a month later.

Did the Russell 2000 reach a record high in 1998?

Yes — 15 record closing highs, the last at 491.41 on April 21, 1998.

Data: Daily closes since Sep 1987. 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.