The market, by the numbers
Statistics
Ninety-eight years of S&P 500 history and fourteen years of tech IPOs, drawn so you can see the ups, the falls and the climbs back.
Bear markets and the climb back
How deep do bear markets go, and how long does the way back take?
| Bear market | Peak to low | Fall | Months down, then months back to the peak | Back at the peak |
|---|---|---|---|---|
| 2022 | 3 Jan 2022 to 12 Oct 2022 | −25.4% | 9 + 15 | 19 Jan 2024 |
| 2020 | 19 Feb 2020 to 23 Mar 2020 | −33.9% | 1 + 5 | 18 Aug 2020 |
| 2007–09 | 9 Oct 2007 to 9 Mar 2009 | −56.8% | 17 + 49 | 28 Mar 2013 |
| 2000–02 | 24 Mar 2000 to 9 Oct 2002 | −49.1% | 31 + 56 | 30 May 2007 |
| 1987 | 25 Aug 1987 to 4 Dec 1987 | −33.5% | 3 + 20 | 26 Jul 1989 |
| 1980–82 | 28 Nov 1980 to 12 Aug 1982 | −27.1% | 20 + 3 | 3 Nov 1982 |
| 1973–74 | 11 Jan 1973 to 3 Oct 1974 | −48.2% | 21 + 69 | 17 Jul 1980 |
| 1968–70 | 29 Nov 1968 to 26 May 1970 | −36.1% | 18 + 21 | 6 Mar 1972 |
| 1966 | 9 Feb 1966 to 7 Oct 1966 | −22.2% | 8 + 7 | 4 May 1967 |
| 1961–62 | 12 Dec 1961 to 26 Jun 1962 | −28.0% | 6 + 14 | 3 Sep 1963 |
| 1956–57 | 2 Aug 1956 to 22 Oct 1957 | −21.5% | 15 + 11 | 24 Sep 1958 |
| 1946–49 | 29 May 1946 to 13 Jun 1949 | −29.6% | 36 + 12 | 9 Jun 1950 |
| 1938–42 | 10 Oct 1938 to 28 Apr 1942 | −46.3% | 43 + 34 | 14 Feb 1945 |
| 1937–38 | 10 Mar 1937 to 31 Mar 1938 | −54.5% | 13 + 94 | 29 Jan 1946 |
| 1933–35 | 18 Jul 1933 to 14 Mar 1935 | −33.9% | 20 + 7 | 22 Oct 1935 |
| 1932–33 | 7 Sep 1932 to 27 Feb 1933 | −40.6% | 6 + 3 | 26 May 1933 |
| 1929–32 | 16 Sep 1929 to 1 Jun 1932 | −86.2% | 32 + 268 | 22 Sep 1954 |
Technical
Since 1950 the S&P 500 has had 11 bear markets, with a median fall of −33.5%. Getting back to the old peak took a median 15 months after the low, on price alone.
Plain English
Bear markets come around every few years and have always ended so far. The fall is usually quicker than the climb back, which is the part that tests patience.
Source: S&P 500 daily closes (price only, so with dividends the climb back came sooner): Yahoo Finance. A bear market here is a fall of 20% or more from a peak close; it ends when the index regains that peak or climbs 50% off its low. Data to 30 Oct 2026. Refreshed each weekday after the US and SGX closes.
Dates are daily closes. 1929–32 took until 1954 to regain its peak on price; with dividends reinvested the wait was years shorter. Past returns don't predict future returns.
Past returns don't predict future returns. Figures are for US markets; a Singapore investor also carries the US dollar's moves against the Singapore dollar. For education only. Not financial advice.