S&P 500 in 1981

The S&P 500 fell 9.7% in 1981, from 135.76 at the end of 1980 to 122.55. Its highest close was 138.12 on Jan 6, and its lowest 112.77 on Sep 25. The biggest one-day fall was −2.9% on Aug 24 and the biggest rise +2.5% on Mar 12. Adjusted for inflation, it lost 17.1%.

Change in 1981

−9.7%

135.76 → 122.55

High

138.12

Jan 6

Low

112.77

Sep 25

After inflation

−17.1%

US CPI

Up days

121 of 253

longest run 9 up, 6 down

Below record

-12.8%

at the end of 1981

S&P 500, daily closes 1981

Numbers mark the events below

Key Events in 1981

What happened, and how the S&P 500 moved — on the day (or the next trading day) and about a month later.

1
Tuesday, January 20

Ronald Reagan is inaugurated; Iran releases the 52 US hostages. Source

S&P 500: −2.0% that day · −4.4% a month later
2
Thursday, March 12 From the data

Biggest one-day rise of the year: +2.5%.
3
Monday, March 30

President Reagan is shot in Washington; the NYSE closes early. Source

S&P 500: −0.3% that day · −0.2% a month later
4
Thursday, August 13

Reagan signs the Economic Recovery Tax Act, cutting the top income tax rate from 70% to 50%. Source

S&P 500: +0.1% that day · −8.8% a month later
5
Monday, August 24 From the data

Biggest one-day fall of the year: −2.9%.

Biggest days of 1981

Best days		Worst days
Mar 12	+2.5%	Aug 24	−2.9%
Sep 28	+2.4%	Jan 7	−2.2%
Oct 30	+2.4%	Feb 2	−2.0%
Oct 2	+1.9%	Jan 20	−2.0%
Nov 2	+1.9%	Sep 25	−1.9%

Volatility: 13.5% (annualised standard deviation of daily changes).

Month by month

Month	Close	Change	High	Low
Jan	129.55	−4.6%	138.12	129.55
Feb	131.27	+1.3%	131.27	126.58
Mar	136.00	+3.6%	137.11	129.85
Apr	132.81	−2.3%	136.57	132.68
May	132.59	−0.2%	133.77	129.71
Jun	131.21	−1.0%	133.75	130.62
Jul	130.92	−0.2%	130.92	127.13
Aug	122.79	−6.2%	133.85	122.79
Sep	116.18	−5.4%	123.49	112.77
Oct	121.89	+4.9%	122.31	117.08
Nov	126.35	+3.7%	126.35	120.24
Dec	122.55	−3.0%	126.26	121.67

Other Markets in 1981

Change over the calendar year.

Market	Change	Year-end
S&P 500	−9.7%	122.55
Dow Jones Industrial Average in 1981	−9.2%	875.00
Nasdaq Composite in 1981	−3.2%	195.84
Gold in 1981	−32.6%	$397.50
Silver in 1981	−47.4%	$8.15
US 10-year Treasury yield in 1981	+1.55 pp	13.98%

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989

S&P 500 in 1981: FAQ

How much did the S&P 500 fall in 1981?

What were the highest and lowest closes of the S&P 500 in 1981?

Highest: 138.12 on January 6, 1981. Lowest: 112.77 on September 25, 1981. It closed higher on 121 of 253 trading days.

What happened to the S&P 500 on January 20, 1981?

Ronald Reagan is inaugurated; Iran releases the 52 US hostages. The S&P 500 fell 2.0% that day, and was −4.4% a month later.

Data: Daily closes since 1950 (price index, excluding dividends). 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.