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S&P 500 in 1991

The S&P 500 rose 26.3% in 1991, from 330.22 at the end of 1990 to 417.09. Its highest close was 417.09 on Dec 31 — a record that stood until January 2, 1992, and its lowest 311.49 on Jan 9. The biggest one-day fall was −3.7% on Nov 15 and the biggest rise +3.7% on Jan 17. Adjusted for inflation, it gained 22.6%.

Change in 1991
+26.3%
330.22 → 417.09
High
417.09
Dec 31
Low
311.49
Jan 9
After inflation
+22.6%
US CPI
Up days
124 of 253
longest run 7 up, 8 down
Record highs
22
closing records

S&P 500, daily closes 1991

Numbers mark the events below
321364407previous recordJanFebMarAprMayJunJulAugSepOctNovDec1Jan 17: US-led coalition begins Operation Desert Storm air campaign against Iraq.2Feb 13: S&P 500 sets the first of 22 record closing highs this year, at 369.02.3Feb 28: Operation Desert Storm ends after the 100-hour ground campaign.4Aug 19: Hardliners launch a coup attempt against Soviet leader Mikhail Gorbachev; it collapses within days.5Nov 15: Biggest one-day fall of the year: −3.7%.6Dec 26: The Soviet Union is formally dissolved.7Dec 26: S&P 500 closes above 400 for the first time (404.84).8Dec 31: Last record close of the year: 417.09.

Key Events in 1991

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

  1. 1
    Thursday, January 17
    US-led coalition begins Operation Desert Storm air campaign against Iraq. Source
    S&P 500: +3.7% that day · +15.2% a month later
  2. 2
    Wednesday, February 13 From the data
    S&P 500 sets the first of 22 record closing highs this year, at 369.02.
  3. 3
    Thursday, February 28
    Operation Desert Storm ends after the 100-hour ground campaign. Source
    S&P 500: −0.2% that day · +2.0% a month later
  4. 4
    Monday, August 19
    Hardliners launch a coup attempt against Soviet leader Mikhail Gorbachev; it collapses within days. Source
    S&P 500: −2.4% that day · 0.0% a month later
  5. 5
    Friday, November 15 From the data
    Biggest one-day fall of the year: −3.7%.
  6. 6
    Thursday, December 26
    The Soviet Union is formally dissolved. Source
    S&P 500: +1.4% that day · +4.0% a month later
  7. 7
    Thursday, December 26 From the data
    S&P 500 closes above 400 for the first time (404.84).
  8. 8
    Tuesday, December 31 From the data
    Last record close of the year: 417.09.

Biggest days of 1991

Best daysWorst days
Jan 17+3.7%Nov 15−3.7%
Aug 21+2.9%Aug 19−2.4%
Feb 11+2.6%May 10−2.0%
Dec 23+2.5%Jun 24−1.8%
Apr 2+2.2%Jan 7−1.7%

Volatility: 14.3% (annualised standard deviation of daily changes).

Month by month

MonthCloseChangeHighLow
Jan343.93+4.2%343.93311.49
Feb367.07+6.7%369.39343.05
Mar375.22+2.2%376.72366.58
Apr375.340.0%390.45371.30
May389.83+3.9%389.83368.57
Jun371.16−4.8%388.06370.65
Jul387.81+4.5%387.81373.33
Aug395.43+2.0%396.64376.47
Sep387.86−1.9%392.15383.59
Oct392.45+1.2%392.96376.80
Nov375.22−4.4%397.41375.22
Dec417.09+11.2%417.09377.39

Other Markets in 1991

Change over the calendar year.

MarketChangeYear-end
S&P 500+26.3%417.09
Dow Jones Industrial Average in 1991+20.3%3,168.83
Nasdaq Composite in 1991+56.9%586.34
Russell 2000 in 1991+43.7%189.94
Nikkei 225 in 1991−3.6%22,984.00
Gold in 1991−8.6%$353.15
Silver in 1991−7.9%$3.86
WTI crude oil in 1991−32.8%$19.15
Brent crude oil in 1991−37.4%$17.75
US 10-year Treasury yield in 1991−1.37 pp6.71%
1990199119921993199419951996199719981999

S&P 500 in 1991: FAQ

How much did the S&P 500 rise in 1991?

The S&P 500 rose 26.3% in 1991, from 330.22 at the end of 1990 to 417.09. Its highest close was 417.09 on Dec 31 — a record that stood until January 2, 1992, and its lowest 311.49 on Jan 9. The biggest one-day fall was −3.7% on Nov 15 and the biggest rise +3.7% on Jan 17. Adjusted for inflation, it gained 22.6%.

What were the highest and lowest closes of the S&P 500 in 1991?

Highest: 417.09 on December 31, 1991. Lowest: 311.49 on January 9, 1991. It closed higher on 124 of 253 trading days.

What happened to the S&P 500 on January 17, 1991?

US-led coalition begins Operation Desert Storm air campaign against Iraq. The S&P 500 rose 3.7% that day, and was +15.2% a month later.

Did the S&P 500 reach a record high in 1991?

Yes — 22 record closing highs, the last at 417.09 on December 31, 1991.

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.

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APA 7
Corgano. (2026, November 1). S&P 500 in 1991. Corgano Gold Price. Retrieved November 1, 2026, from https://goldprice.corgano.com/market-history/sp-500/1991
MLA 9
“S&P 500 in 1991.” Corgano Gold Price, goldprice.corgano.com/market-history/sp-500/1991. Accessed 1 Nov. 2026.
Chicago
Corgano. “S&P 500 in 1991.” Corgano Gold Price. Accessed November 1, 2026. https://goldprice.corgano.com/market-history/sp-500/1991.
BibTeX
@misc{corgano2026sp500in1991, author = {{Corgano}}, title = {S&P 500 in 1991}, howpublished = {\url{https://goldprice.corgano.com/market-history/sp-500/1991}}, year = {2026}, note = {Corgano Gold Price, accessed 2026-11-01}}
Link
S&P 500 in 1991 — Corgano Gold Price: https://goldprice.corgano.com/market-history/sp-500/1991