Bar chart of S&P 500 declines and one-year returns after the 1929, 1987 and 2008 October crashes. The index was 23% above its October 19, 1987 Black Monday close a year later

The S&P 500 closed 23.2% above its Black Monday close one year later.

On October 19, 1987, the index fell 20.5% to 224.84, its worst day on record.

On October 19, 1988, it closed at 276.97.

The 1987 sell-off took the S&P 500 down 33.5% from its August peak to its December bottom.

Here is how the index did one year after the worst October day of each crash.

  • 1929 -21.5%

  • 1987 +23.2%

  • 2008 +20.8%

The 1929 crash ran far deeper, with an 86.2% drop from peak to bottom.

The index didn't get back to its 1929 peak until September 1954.

The 2008 crash cut it 56.8%, and it took until March 2013 to recover.

After 1987, the S&P 500 was back at its old high by July 1989.

Of the 3 crashes, 1987 was both the shallowest and the quickest to win back its peak.

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Phil Rosen
Phil Rosen

Phil Rosen is co-founder and CEO of Opening Bell Media and chief market strategist for Silvia Inc. (NASDAQ: SVIA). He hosts Full Signal and writes Opening Bell Daily — the markets briefing read by over 200,000 investors and published on Bloomberg Terminals — and has also published two books and won a Fulbright award for his reporting. Contact him at [email protected].

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