S&P 500 in 1998

The S&P 500 rose 26.7% in 1998, from 970.43 at the end of 1997 to 1,229.23. Its highest close was 1,241.81 on Dec 29 — a record that stood until January 5, 1999, and its lowest 927.69 on Jan 9. The biggest one-day fall was −6.8% on Aug 31 and the biggest rise +5.1% on Sep 8. Adjusted for inflation, it gained 24.7%.

Change in 1998

+26.7%

970.43 → 1,229.23

High

1,241.81

Dec 29

Low

927.69

Jan 9

After inflation

+24.7%

US CPI

Up days

140 of 252

longest run 7 up, 4 down

Record highs

closing records

S&P 500, daily closes 1998

Numbers mark the events below

Key Events in 1998

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

1
Thursday, January 29 From the data

sets the first of 47 record closing highs this year, at 985.49.
2
Monday, February 2 From the data

closes above 1,000 for the first time (1,001.27).
3
Monday, August 17

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

S&P 500: +2.0% that day · −2.4% a month later
4
Monday, August 31 From the data

Biggest one-day fall of the year: −6.8%.
5
Tuesday, September 8 From the data

Biggest one-day rise of the year: +5.1%.
6
Wednesday, September 23

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

S&P 500: +3.5% that day · +3.9% a month later
7
Thursday, October 15

Fed cuts its federal funds target to 5.00%. Source

S&P 500: +4.2% that day · +11.2% a month later
8
Tuesday, December 29 From the data

Last record close of the year: 1,241.81.

Biggest days of 1998

Best days		Worst days
Sep 8	+5.1%	Aug 31	−6.8%
Oct 15	+4.2%	Aug 27	−3.8%
Sep 1	+3.9%	Aug 4	−3.6%
Sep 23	+3.5%	Sep 30	−3.1%
Sep 11	+2.9%	Oct 1	−3.0%

Volatility: 20.3% (annualised standard deviation of daily changes).

Month by month

Month	Close	Change	High	Low
Jan	980.28	+1.0%	985.49	927.69
Feb	1,049.34	+7.0%	1,049.34	1,001.27
Mar	1,101.75	+5.0%	1,105.65	1,035.05
Apr	1,111.75	+0.9%	1,130.54	1,085.11
May	1,090.82	−1.9%	1,122.07	1,090.82
Jun	1,133.84	+3.9%	1,138.49	1,077.01
Jul	1,120.67	−1.2%	1,186.75	1,120.67
Aug	957.28	−14.6%	1,112.44	957.28
Sep	1,017.01	+6.2%	1,066.09	973.89
Oct	1,098.67	+8.0%	1,098.67	959.44
Nov	1,163.63	+5.9%	1,192.33	1,110.84
Dec	1,229.23	+5.6%	1,241.81	1,141.20

Other Markets in 1998

Change over the calendar year.

Market	Change	Year-end
S&P 500	+26.7%	1,229.23
Dow Jones Industrial Average in 1998	+16.1%	9,181.43
Nasdaq Composite in 1998	+39.6%	2,192.69
Russell 2000 in 1998	−3.4%	421.96
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

S&P 500 in 1998: FAQ

How much did the S&P 500 rise in 1998?

What were the highest and lowest closes of the S&P 500 in 1998?

Highest: 1,241.81 on December 29, 1998. Lowest: 927.69 on January 9, 1998. It closed higher on 140 of 252 trading days.

What happened to the S&P 500 on October 15, 1998?

Fed cuts its federal funds target to 5.00%. The S&P 500 rose 4.2% that day, and was +11.2% a month later.

Did the S&P 500 reach a record high in 1998?

Yes — 47 record closing highs, the last at 1,241.81 on December 29, 1998.

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.