As of the market close last Thursday, Nov. 20, the Standard & Poor’s 500-stock index was down 48.8% for the year to date.
Had the markets called it a year at that point, 2008 would have gone down as the worst year in the history of the S&P index, which goes back (in one form or another) to 1926.
The only year that even came close was 1931, in the teeth of the Great Depression, when the S&P lost 43.3%. Here are the 20 worst years in history, based on Yale’s NYSE index until 1925, and for the S&P from 1926 onward:
1941 -11.6%
2001 -11.9%
1893 -12.3%
1857 -13.2%
1837 -13.4%
1828 -13.6%
1831 -14.0%
1973 -14.7%
1920 -15.0%
1841 -16.1%
1917 -16.4%
1884 -18.5%
1839 -19.0%
1907 -21.8%
2002 -22.1%
1930 -24.9%
1974 -26.5%
1937 -35.0%
1931 -43.3%
2008* -48.8%
*Through Nov. 20.
The closest carnage to 2008 was 1974 when the S&P500 lost 26.5%, the next closest was 2002 when it dipped just 22.1%. Aaah!!! The good old days.
Many people have been saying that the current financial crisis will be at least as bad as the Great Depression. But I’m not sure many people realize that the stock market has already had the worst year in all of American history.Take from this what you may.
p/s photos: Elanne Kong Yeuk Lam
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