20 worst days for S&P 500 Index
January 1994 – December 2023
| Rank (worst days) | Date | S&P 500 Index daily return |
|---|---|---|
| 1 | 3/16/2020 | -12.0% |
| 2 | 3/12/2020 | -9.5% |
| 3 | 10/15/2008 | -9.0% |
| 4 | 12/1/2008 | -8.9% |
| 5 | 9/29/2008 | -8.8% |
| 6 | 10/9/2008 | -7.6% |
| 7 | 3/9/2020 | -7.6% |
| 8 | 10/27/1997 | -6.9% |
| 9 | 8/31/1998 | -6.8% |
| 10 | 11/20/2008 | -6.7% |
| 11 | 8/8/2011 | -6.7% |
| 12 | 11/19/2008 | -6.1% |
| 13 | 10/22/2008 | -6.1% |
| 14 | 6/11/2020 | -5.9% |
| 15 | 4/14/2000 | -5.8% |
| 16 | 10/7/2008 | -5.7% |
| 17 | 1/20/2009 | -5.3% |
| 18 | 11/5/2008 | -5.3% |
| 19 | 11/12/2008 | -5.2% |
| 20 | 3/18/2020 | -5.2% |
20 best days for S&P 500 Index
January 1994 – December 2023
| Rank (best days) | Date | S&P 500 Index daily return |
|---|---|---|
| 1 | 10/13/2008 | 11.6% |
| 2 | 10/28/2008 | 10.8% |
| 3 | 3/24/2020 | 9.4% |
| 4 | 3/13/2020 | 9.3% |
| 5 | 3/23/2009 | 7.1% |
| 6 | 4/6/2020 | 7.0% |
| 7 | 11/13/2008 | 6.9% |
| 8 | 11/24/2008 | 6.5% |
| 9 | 3/10/2009 | 6.4% |
| 10 | 11/21/2008 | 6.3% |
| 11 | 3/26/2020 | 6.2% |
| 12 | 3/17/2020 | 6.0% |
| 13 | 7/24/2002 | 5.7% |
| 14 | 11/10/2022 | 5.5% |
| 15 | 9/30/2008 | 5.4% |
| 16 | 7/29/2002 | 5.4% |
| 17 | 12/16/2008 | 5.1% |
| 18 | 10/28/1997 | 5.1% |
| 19 | 9/8/1998 | 5.1% |
| 20 | 1/3/2001 | 5.0% |
Sources: Bloomberg and Wells Fargo Investment Institute. Data from January 1, 1994 to December 31, 2023. For illustrative purposes only. Analysis uses S&P 500 Index price returns. The S&P 500 Index is a market capitalization weighted index composed of 500 stocks generally considered representative of the U.S. stock market. The performance shown is not indicative of any particular investment. An index is unmanaged and not available for direct investment. A price index is not a total return index and does not include the reinvestment of dividends. Total returns assume reinvestment of dividends and capital gain distributions. Past performance is not a guarantee of future results. Investing in stocks involves risk and their returns and risk levels can vary depending on prevailing market and economic conditions.
Green highlighted cells represent dates during the October 9, 2007–March 9, 2009 bear market are highlighted in green. Orange highlighted cells represent dates during the February 19, 2020–March 23, 2020 bear market. Cells with red bold italics font represent dates during the January 3, 2022 – current bear market.
Key Takeaways
- The market’s best and worst days, based on the S&P 500 Index’s daily returns, have tended to happen during times of high volatility, like bear markets and recessions. Over the past 30 years, most of the 10 worst days and all of the 10 best days occurred during either the Great Recession of 2007–2009 or the COVID-19 2020 recession.
- Additionally, the best and worst days are often clustered together. For example, two of the 20 best days and four of the 20 worst days occurred during the seven trading days between March 9 and March 18, 2020.