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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
47
closing records

S&P 500, daily closes 1998

Numbers mark the events below
9571,0851,212previous recordJanFebMarAprMayJunJulAugSepOctNovDec1Jan 29: S&P 500 sets the first of 47 record closing highs this year, at 985.49.2Feb 2: S&P 500 closes above 1,000 for the first time (1,001.27).3Aug 17: Russia devalues the ruble, defaults on domestic debt and declares a moratorium on foreign debt payments.4Aug 31: Biggest one-day fall of the year: −6.8%.5Sep 8: Biggest one-day rise of the year: +5.1%.6Sep 23: New York Fed organizes a $3.6 billion recapitalization of Long-Term Capital Management by 14 institutions.7Oct 15: Fed cuts its federal funds target to 5.00%.8Dec 29: Last record close of the year: 1,241.81.

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. 1
    Thursday, January 29 From the data
    S&P 500 sets the first of 47 record closing highs this year, at 985.49.
  2. 2
    Monday, February 2 From the data
    S&P 500 closes above 1,000 for the first time (1,001.27).
  3. 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. 4
    Monday, August 31 From the data
    Biggest one-day fall of the year: −6.8%.
  5. 5
    Tuesday, September 8 From the data
    Biggest one-day rise of the year: +5.1%.
  6. 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. 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. 8
    Tuesday, December 29 From the data
    Last record close of the year: 1,241.81.

Biggest days of 1998

Best daysWorst 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

MonthCloseChangeHighLow
Jan980.28+1.0%985.49927.69
Feb1,049.34+7.0%1,049.341,001.27
Mar1,101.75+5.0%1,105.651,035.05
Apr1,111.75+0.9%1,130.541,085.11
May1,090.82−1.9%1,122.071,090.82
Jun1,133.84+3.9%1,138.491,077.01
Jul1,120.67−1.2%1,186.751,120.67
Aug957.28−14.6%1,112.44957.28
Sep1,017.01+6.2%1,066.09973.89
Oct1,098.67+8.0%1,098.67959.44
Nov1,163.63+5.9%1,192.331,110.84
Dec1,229.23+5.6%1,241.811,141.20

Other Markets in 1998

Change over the calendar year.

MarketChangeYear-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 pp4.65%
1990199119921993199419951996199719981999

S&P 500 in 1998: FAQ

How much did the S&P 500 rise 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%.

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.

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APA 7
Corgano. (2026, October 31). S&P 500 in 1998. Corgano Gold Price. Retrieved October 31, 2026, from https://goldprice.corgano.com/market-history/sp-500/1998
MLA 9
“S&P 500 in 1998.” Corgano Gold Price, goldprice.corgano.com/market-history/sp-500/1998. Accessed 31 Oct. 2026.
Chicago
Corgano. “S&P 500 in 1998.” Corgano Gold Price. Accessed October 31, 2026. https://goldprice.corgano.com/market-history/sp-500/1998.
BibTeX
@misc{corgano2026sp500in1998, author = {{Corgano}}, title = {S&P 500 in 1998}, howpublished = {\url{https://goldprice.corgano.com/market-history/sp-500/1998}}, year = {2026}, note = {Corgano Gold Price, accessed 2026-10-31}}
Link
S&P 500 in 1998 — Corgano Gold Price: https://goldprice.corgano.com/market-history/sp-500/1998