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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
15
closing records

Russell 2000, daily closes 1998

Numbers mark the events below
327401474previous recordJanFebMarAprMayJunJulAugSepOctNovDec1Mar 11: Russell 2000 sets the first of 15 record closing highs this year, at 467.12.2Apr 21: Last record close of the year: 491.41.3Aug 17: Russia devalues the ruble, defaults on domestic debt and declares a moratorium on foreign debt payments.4Aug 25: Enters a bear market: 20% below its peak of 491.41 (April 21, 1998).5Aug 31: Biggest one-day fall of the year: −5.7%.6Sep 8: Biggest one-day rise of the year: +4.3%.7Sep 23: New York Fed organizes a $3.6 billion recapitalization of Long-Term Capital Management by 14 institutions.8Oct 8: Bear market low: 310.28, 36.9% below the peak.9Oct 15: Fed cuts its federal funds target to 5.00%.

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. 1
    Wednesday, March 11 From the data
    Russell 2000 sets the first of 15 record closing highs this year, at 467.12.
  2. 2
    Tuesday, April 21 From the data
    Last record close of the year: 491.41.
  3. 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. 4
    Tuesday, August 25 From the data
    Enters a bear market: 20% below its peak of 491.41 (April 21, 1998).
  5. 5
    Monday, August 31 From the data
    Biggest one-day fall of the year: −5.7%.
  6. 6
    Tuesday, September 8 From the data
    Biggest one-day rise of the year: +4.3%.
  7. 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. 8
    Thursday, October 8 From the data
    Bear market low: 310.28, 36.9% below the peak.
  9. 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 daysWorst 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

MonthCloseChangeHighLow
Jan430.05−1.6%437.06410.88
Feb461.83+7.4%461.83434.42
Mar480.68+4.1%480.68456.82
Apr482.89+0.5%491.41468.50
May456.62−5.4%485.46450.26
Jun457.39+0.2%457.39433.86
Jul419.75−8.2%463.64419.75
Aug337.95−19.5%415.80337.95
Sep363.59+7.6%376.00344.97
Oct378.16+4.0%378.16310.28
Nov397.75+5.2%402.09386.82
Dec421.96+6.1%421.96387.94

Other Markets in 1998

Change over the calendar year.

MarketChangeYear-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 pp4.65%
1990199119921993199419951996199719981999

Russell 2000 in 1998: FAQ

How much did the Russell 2000 fall 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%.

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.

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APA 7
Corgano. (2026, October 31). Russell 2000 in 1998. Corgano Gold Price. Retrieved October 31, 2026, from https://goldprice.corgano.com/market-history/russell-2000/1998
MLA 9
“Russell 2000 in 1998.” Corgano Gold Price, goldprice.corgano.com/market-history/russell-2000/1998. Accessed 31 Oct. 2026.
Chicago
Corgano. “Russell 2000 in 1998.” Corgano Gold Price. Accessed October 31, 2026. https://goldprice.corgano.com/market-history/russell-2000/1998.
BibTeX
@misc{corgano2026russell2000in1998, author = {{Corgano}}, title = {Russell 2000 in 1998}, howpublished = {\url{https://goldprice.corgano.com/market-history/russell-2000/1998}}, year = {2026}, note = {Corgano Gold Price, accessed 2026-10-31}}
Link
Russell 2000 in 1998 — Corgano Gold Price: https://goldprice.corgano.com/market-history/russell-2000/1998