DaveManuel.com - Market History
The Biggest Stock Market Gains and Losses in History
From Black Monday's 22.6% wipeout to the roaring rallies of the Great Depression - here is every record-breaking day, week, month and year across the Dow, S&P 500 and NASDAQ. What triggered each move, and what happened next?
-22.6%
Worst Single Day
DJIA, Oct 19 1987
DJIA, Oct 19 1987
+15.3%
Best Single Day
DJIA, Mar 15 1933
DJIA, Mar 15 1933
-52.7%
Worst Year
DJIA, 1931
DJIA, 1931
+85.6%
Best Year
NASDAQ, 1999
NASDAQ, 1999
100%
Of Major Crashes
Eventually Recovered
Eventually Recovered
The Record Books
Select a timeframe and index to explore the 10 biggest gains and losses in stock market history - with the context behind every move and what happened in the aftermath.
Daily
Weekly
Monthly
Yearly
DJIA
S&P 500
NASDAQ
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Top 10 Biggest Single-Day Gains - DJIA
| # | Date | Change | Close | What Caused It | What Happened After |
|---|---|---|---|---|---|
| 1 | Mar 15, 1933 | +15.34% | 62.10 | Markets reopened after FDR's Emergency Banking Act and week-long bank holiday. Investor confidence soared. | +63.7% that year. Start of sustained recovery from Depression lows. |
| 2 | Oct 6, 1931 | +14.87% | 99.34 | President Hoover announced plan to restore confidence in the banking system with a new lending corp. | Relief was temporary. Dow continued falling to Depression-era bottom in 1932. |
| 3 | Oct 30, 1929 | +12.34% | 258.47 | Day after "Black Tuesday." Rockefeller pledged to buy stocks; short covering rally ensued. | Dead cat bounce. Dow eventually lost 89% of its value by July 1932. |
| 4 | Mar 24, 2020 | +11.37% | 20,704.91 | Optimism over a $2 trillion COVID stimulus package nearing congressional approval. | Market bottomed. S&P returned to all-time highs by August 2020. |
| 5 | Sep 21, 1932 | +11.36% | 75.16 | Reconstruction Finance Corp expanded authority to aid farms; glimmer of recovery. | Choppy recovery. Market still 75% below 1929 highs. |
| 6 | Oct 13, 2008 | +11.08% | 9,387.61 | Coordinated global central bank action to flood system with liquidity during financial crisis. | Not the bottom yet. Dow fell another 33% before bottoming in March 2009. |
| 7 | Oct 28, 2008 | +10.88% | 9,065.12 | Bargain hunting after severe selloff. Investors expected another Fed rate cut. | Wild volatility continued. Market remained extremely turbulent through March 2009. |
| 8 | Oct 21, 1987 | +10.15% | 2,027.85 | Two days after Black Monday. Massive bounce-back as panic subsided and bargain hunters stepped in. | V-shaped recovery. Dow ended 1987 slightly positive; full recovery by 1989. |
| 9 | Aug 3, 1932 | +9.52% | 58.22 | Depression-era rally on scattered positive economic indicators and short covering. | Volatile bottom. Market continued swinging violently through 1933. |
| 10 | Feb 11, 1932 | +9.47% | 78.60 | Relief rally amid Depression; markets oversold after months of relentless selling. | False hope. Dow continued to fall to its ultimate low of 41.22 in July 1932. |
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Top 10 Biggest Single-Day Losses - DJIA
| # | Date | Change | Close | What Caused It | What Happened After |
|---|---|---|---|---|---|
| 1 | Oct 19, 1987 | -22.61% | 1,738.74 | "Black Monday." Computerized program trading created cascade of sell orders. Trade deficit fears, portfolio insurance selling spiraled. | Full recovery in 2 years. Dow gained 57% back in next 2 sessions. Ended 1987 slightly positive. |
| 2 | Mar 16, 2020 | -12.93% | 20,188.52 | COVID-19 pandemic fears. Fed's emergency rate cut to near-zero failed to reassure markets. | Near the bottom. Market bottomed March 23. Full recovery by August 2020. |
| 3 | Oct 28, 1929 | -12.82% | 260.64 | "Black Monday" of 1929. Panic selling after weeks of declining prices; margin calls forced liquidations. | Devastation. Next day was "Black Tuesday" (-11.7%). Dow lost 89% by 1932. |
| 4 | Oct 29, 1929 | -11.73% | 230.07 | "Black Tuesday." 16.4 million shares traded - a record that stood for 39 years. Complete panic. | Start of Great Depression. Market wouldn't recover until 1954 - 25 years later. |
| 5 | Oct 5, 1931 | -10.73% | 86.48 | Depression deepening. UK abandoned gold standard weeks prior; global financial system in turmoil. | Brief bounce next day (+14.9%), but bear market continued. Dow fell to 41.22 by mid-1932. |
| 6 | Mar 12, 2020 | -9.99% | 21,200.62 | Trump announced European travel ban. WHO declared COVID a pandemic. $1.5T Fed injection failed. | More pain ahead. Another -12.9% drop came 4 days later before March 23 bottom. |
| 7 | Nov 6, 1929 | -9.92% | 232.13 | Continued fallout from the October crash. Confidence shattered; selling resumed after brief rally. | Bear market deepened. Economy spiraling into the Great Depression. |
| 8 | Oct 26, 1987 | -8.04% | 1,793.93 | Aftershock of Black Monday. Renewed overseas selling spilled into US markets. | Gradual stabilization. Markets calmed by November; recovery began in earnest. |
| 9 | Oct 15, 2008 | -7.87% | 8,577.91 | Financial crisis. Terrible retail sales data confirmed recession fears. Bank stocks in freefall. | More turbulence. Dow dropped another 25% before March 2009 bottom. |
| 10 | Mar 9, 2020 | -7.79% | 23,851.02 | COVID panic combined with Saudi-Russia oil price war. Oil cratered 30%. Circuit breakers triggered. | Week of chaos. Three more 5%+ drops over the next 7 trading days. |
Pattern: 8 of 10 biggest single-day DJIA gains occurred during bear markets or periods of extreme crisis. The biggest up days aren't signs of market health - they're signs of panic-driven volatility. The same forces that create devastating crashes also produce explosive relief rallies.
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Top 10 Biggest Single-Day Gains - S&P 500
| # | Date | Change | What Caused It | What Happened After |
|---|---|---|---|---|
| 1 | Mar 15, 1933 | +16.61% | FDR bank holiday ended. Emergency Banking Act restored confidence. | Start of recovery. Index rallied powerfully through 1933. |
| 2 | Oct 30, 1929 | +12.53% | Post-Black Tuesday relief rally. Rockefeller buying stocks. | Dead cat bounce. 3-year bear market followed. |
| 3 | Oct 13, 2008 | +11.58% | Global coordinated central bank intervention during financial crisis. | Not the bottom. Another 25% decline before March 2009. |
| 4 | Oct 28, 2008 | +10.79% | Bargain hunting after historic selloff. Rate cut expectations. | Volatile. Index continued to swing wildly for months. |
| 5 | Apr 9, 2025 | +9.52% | Trump announced 90-day tariff pause (except China). Massive reversal from "Liberation Day" selloff. | Partial recovery. Markets remained volatile on tariff uncertainty. |
| 6 | Mar 24, 2020 | +9.38% | $2 trillion COVID stimulus bill nearing passage. CARES Act optimism. | The bottom held. Full recovery by August 2020. |
| 7 | Mar 13, 2020 | +9.29% | Trump declared national emergency, enlisting major companies to combat COVID. | Temporary relief. Next Monday dropped -12%. Bottom came March 23. |
| 8 | Sep 21, 1932 | +9.10% | RFC expansion to help struggling farms sparked relief rally. | Slow grind. Depression continued through 1933. |
| 9 | Oct 21, 1987 | +9.10% | Post-Black Monday bounce. Bargain hunters piled in after -20.5% crash. | Swift recovery. Full recovery within 20 months. |
| 10 | Oct 6, 1931 | +9.00% | Hoover banking plan announcement during Depression selloff. | Brief reprieve. Bear market continued into 1932. |
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Top 10 Biggest Single-Day Losses - S&P 500
| # | Date | Change | What Caused It | What Happened After |
|---|---|---|---|---|
| 1 | Oct 19, 1987 | -20.47% | "Black Monday." Computerized program trading cascade. Worst single day in S&P history. | Recovery in ~20 months. Circuit breakers implemented after. |
| 2 | Oct 28, 1929 | -12.34% | "Black Monday" 1929. Margin call liquidations. Start of Great Crash. | 25-year recovery. Didn't reach this level again until 1954. |
| 3 | Mar 16, 2020 | -11.98% | COVID pandemic panic. Fed emergency rate cut to zero backfired as sign of desperation. | Near bottom. Index bottomed 7 days later. Full recovery by August. |
| 4 | Oct 29, 1929 | -10.16% | "Black Tuesday." Record 16.4M shares traded. Total panic. | Great Depression. 89% total decline from peak to trough. |
| 5 | Nov 6, 1929 | -9.92% | Post-crash capitulation. Confidence in markets completely broken. | Bear market. Years of Depression followed. |
| 6 | Mar 12, 2020 | -9.51% | COVID travel ban from Europe. WHO pandemic declaration. | More selling ahead. Another -12% four days later. |
| 7 | Oct 15, 2008 | -9.04% | Terrible economic data confirmed recession during financial crisis. | 25% more decline before March 2009 bottom at 666. |
| 8 | Oct 26, 1987 | -8.28% | Post-Black Monday aftershock. Overseas selling resumed. | Stabilized by November. 1987 ended about flat. |
| 9 | Oct 9, 2008 | -7.62% | Financial crisis deepening. Credit markets frozen. Lehman aftermath. | More pain. S&P fell to 666 by March 2009. |
| 10 | Mar 9, 2020 | -7.60% | COVID + oil price war double shock. Circuit breakers triggered. | Chaotic week. Multiple 5%+ swings over next 10 sessions. |
Key Finding: October is the deadliest month for stocks. Five of the S&P 500's 10 worst single days occurred in October - including the all-time record. But October also features prominently in the biggest gain lists. Extreme volatility runs both ways.
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Top 10 Biggest Single-Day Gains - NASDAQ
| # | Date | Change | What Caused It | What Happened After |
|---|---|---|---|---|
| 1 | Jan 3, 2001 | +14.17% | Surprise Fed rate cut of 50 bps. Dot-com crash relief. Tech stocks surged on cheap money hopes. | False dawn. NASDAQ continued to decline through 2002, eventually losing 78% from peak. |
| 2 | Apr 9, 2025 | +12.16% | Trump tariff pause announcement. 90-day reprieve for all countries except China. | Partial recovery. Markets remained jittery on trade war uncertainty. |
| 3 | Oct 13, 2008 | +11.81% | Coordinated global central bank action. Massive liquidity injection during financial crisis. | Bear market rally. Index fell another 25% before March 2009 bottom. |
| 4 | Oct 28, 2008 | +9.53% | Bargain hunting in beaten-down tech stocks. Rate cut expectations. | Volatile recovery. Months of wild swings continued. |
| 5 | Mar 13, 2020 | +9.35% | Trump national emergency declaration. Corporate partnerships to combat COVID. | Roller coaster. Next Monday dropped 12.3%. Bottom came March 23. |
| 6 | Oct 21, 1987 | +9.32% | Post-Black Monday rebound. Recovery from the 11.35% crash two days earlier. | Full recovery. Markets stabilized; new highs within 2 years. |
| 7 | Apr 18, 2001 | +8.92% | Another surprise Fed rate cut (50 bps). Fourth cut of 2001. Tech stocks surged. | Temporary. NASDAQ continued falling to its October 2002 bottom. |
| 8 | Mar 24, 2020 | +8.12% | COVID stimulus optimism. CARES Act approaching passage. | The turn. NASDAQ was first major index to reach new highs by June 2020. |
| 9 | May 30, 2000 | +7.94% | Fed paused rate hikes, sparking relief in battered tech stocks. | Another false rally. The dot-com bust had years to run. |
| 10 | Oct 19, 2000 | +7.87% | Relief rally during dot-com bust. Short covering in beaten-down tech names. | Bear continued. NASDAQ lost another 50% from this point. |
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Top 10 Biggest Single-Day Losses - NASDAQ
| # | Date | Change | What Caused It | What Happened After |
|---|---|---|---|---|
| 1 | Mar 16, 2020 | -12.32% | COVID pandemic. Fed emergency rate cut to zero seen as desperation, not reassurance. All-time worst day for NASDAQ. | Near bottom. Bottomed 7 days later. First major index to hit new highs by June. |
| 2 | Oct 19, 1987 | -11.35% | Black Monday. While DJIA fell 22.6%, NASDAQ's loss was smaller due to trading system issues and market maker withdrawals. | Quick recovery. Bounced 9.3% two days later. Full recovery within 2 years. |
| 3 | Apr 14, 2000 | -9.67% | Dot-com bubble bursting. Tax deadline selling forced margin call liquidations. | Start of the bust. NASDAQ fell 78% peak to trough by October 2002. |
| 4 | Mar 12, 2020 | -9.43% | Trump European travel ban. WHO pandemic declaration. Tech sold off hard. | More selling. Another -12% four days later. |
| 5 | Sep 29, 2008 | -9.14% | House rejected TARP bailout bill. Markets collapsed in shock. | TARP passed days later but damage was done. Months of turmoil followed. |
| 6 | Oct 9, 2008 | -8.47% | Financial crisis deepening. Credit markets frozen globally. | More downside. NASDAQ fell to ~1,265 by March 2009. |
| 7 | Apr 3, 2000 | -7.64% | Microsoft antitrust ruling. DOJ sought breakup of the software giant. | Dot-com unraveling. Tech stocks entered multi-year bear market. |
| 8 | Jan 2, 2001 | -7.23% | New year, same pain. Dot-com hangover continued into 2001. Tech earnings collapsing. | Ironically, next day (+14.17%) was the biggest single-day gain ever. |
| 9 | Apr 12, 2000 | -7.06% | Continued dot-com crash. CPI came in higher than expected, killing rate cut hopes. | Relentless selling. Tech stocks in freefall throughout spring 2000. |
| 10 | Sep 17, 2001 | -6.83% | First trading day after 9/11 attacks. Markets had been closed for 4 trading days. | Week of losses. Markets dropped ~15% that week, but recovered by year-end. |
NASDAQ's Unique Story: Unlike the DJIA and S&P 500, many of NASDAQ's most extreme moves are tied to the dot-com bubble era (2000-2002). The index lost 78% from its March 2000 peak to its October 2002 bottom - and didn't reclaim that peak until April 2015, a full 15 years later.
DJIA
S&P 500
NASDAQ
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Top 10 Biggest Weekly Gains - DJIA
| # | Week Of | Change | Context |
|---|---|---|---|
| 1 | Jun 22, 1931 | +18.2% | Hoover debt moratorium proposal. Temporary halt on WWI reparation payments lifted markets. |
| 2 | Aug 1, 1932 | +16.2% | Depression bear market relief rally. Extreme oversold conditions sparked aggressive buying. |
| 3 | Jun 20, 1938 | +14.2% | End of the 1937-38 recession. Government spending programs boosted confidence. |
| 4 | Jul 25, 1932 | +13.0% | Extreme depression conditions. Markets bouncing off all-time lows. |
| 5 | Mar 15, 1933 | +12.8% | FDR bank holiday reopening. Emergency Banking Act restored faith. |
| 6 | Mar 23, 2020 | +12.8% | COVID stimulus package expectations. Market bottomed this week. |
| 7 | Oct 28, 2008 | +11.3% | Financial crisis relief rally. Central bank coordination globally. |
| 8 | Nov 28, 1929 | +11.0% | Dead cat bounce after Black Tuesday crash. Short covering rally. |
| 9 | Nov 20, 2008 | +9.7% | TARP implementation hopes and bargain hunting in financial crisis. |
| 10 | Apr 9, 2025 | +7.9% | Tariff pause announcement created the single best weekly rally since 2020. |
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Top 10 Biggest Weekly Losses - DJIA
| # | Week Of | Change | Context |
|---|---|---|---|
| 1 | Oct 6, 2008 | -18.2% | Financial crisis apex. Lehman collapse aftermath. Credit markets frozen. Worst week in DJIA history. |
| 2 | Mar 16, 2020 | -17.3% | COVID pandemic worst week. Circuit breakers triggered multiple times. |
| 3 | Jul 17, 1933 | -15.6% | NRA code confusion. Markets gave back gains from spring recovery rally. |
| 4 | Sep 10, 2001 | -14.3% | 9/11 terrorist attacks. Markets closed for 4 days, then plunged upon reopening. |
| 5 | May 13, 1940 | -14.2% | Nazi Germany invaded France and Low Countries. War fears gripped markets. |
| 6 | Nov 4, 1929 | -13.5% | Aftermath of Black Monday/Tuesday. Continued panic liquidation. |
| 7 | Oct 19, 1987 | -13.2% | Black Monday week. -22.6% on Monday alone, partially offset by rebound later. |
| 8 | Feb 24, 2020 | -12.4% | COVID fears first hit US markets. Worst week since 2008 financial crisis. |
| 9 | Oct 10, 1932 | -11.9% | Depression-era selloff. Banks failing across the country. |
| 10 | Apr 4, 2025 | -9.3% | Trump "Liberation Day" tariffs. Worst week since COVID crash. |
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Top 10 Biggest Weekly Gains - S&P 500
| # | Week Of | Change | Context |
|---|---|---|---|
| 1 | Jun 22, 1931 | +17.8% | Hoover moratorium on WWI debts. Massive relief rally. |
| 2 | Aug 1, 1932 | +15.6% | Depression relief rally from extreme oversold conditions. |
| 3 | Mar 15, 1933 | +14.6% | FDR bank reopening week. Emergency Banking Act. |
| 4 | Jun 20, 1938 | +13.2% | End of 1937-38 recession. Spending programs boosted confidence. |
| 5 | Mar 23, 2020 | +12.1% | COVID market bottom. CARES Act stimulus approaching. |
| 6 | Nov 28, 2008 | +12.0% | Thanksgiving week rally. Citi bailout announced. Treasury yields plunged. |
| 7 | Mar 9, 2009 | +10.7% | Financial crisis bottom week. S&P bottomed at 666 then surged. |
| 8 | Oct 28, 2008 | +10.5% | Central bank coordination. Rate cuts globally. |
| 9 | Apr 9, 2025 | +9.5% | Tariff pause. Biggest weekly gain since 2020. |
| 10 | Nov 10, 2022 | +5.9% | Cooler-than-expected CPI report. Inflation finally turning. |
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Top 10 Biggest Weekly Losses - S&P 500
| # | Week Of | Change | Context |
|---|---|---|---|
| 1 | Oct 6, 2008 | -18.2% | Financial crisis worst week. Lehman aftermath. Global credit freeze. |
| 2 | Mar 16, 2020 | -15.0% | COVID panic. Multiple circuit breaker triggers. Oil crash. |
| 3 | Nov 4, 1929 | -13.8% | Post-Black Tuesday continued liquidation. |
| 4 | May 13, 1940 | -13.6% | Fall of France. WWII fears dominated. |
| 5 | Oct 19, 1987 | -12.2% | Black Monday week. Single worst day plus aftershocks. |
| 6 | Sep 10, 2001 | -11.6% | 9/11 attacks. Markets closed 4 days then plunged. |
| 7 | Feb 24, 2020 | -11.5% | COVID first hit US markets. Worst week since financial crisis. |
| 8 | Sep 28, 1931 | -11.0% | UK abandoned gold standard. Global financial panic. |
| 9 | Oct 10, 2008 | -10.5% | Second terrible week of financial crisis. Bank stocks in freefall. |
| 10 | Apr 4, 2025 | -9.1% | Trump "Liberation Day" tariff shock. |
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Top 10 Biggest Weekly Gains - NASDAQ
| # | Week Of | Change | Context |
|---|---|---|---|
| 1 | Apr 9, 2025 | +12.2% | Trump tariff pause. Biggest weekly gain in NASDAQ history. |
| 2 | Jan 3, 2001 | +11.2% | Surprise Fed rate cut during dot-com bust. Tech surge. |
| 3 | Oct 28, 2008 | +10.9% | Financial crisis relief rally. Coordinated central bank action. |
| 4 | Nov 28, 2008 | +10.9% | Citi bailout. Bargain hunting in beaten-down tech. |
| 5 | Mar 9, 2009 | +10.6% | Financial crisis absolute bottom. The turn. |
| 6 | Apr 18, 2001 | +9.8% | Surprise Fed inter-meeting rate cut. 4th cut of 2001. |
| 7 | Mar 23, 2020 | +9.1% | COVID bottom week. Stimulus approaching. Stay-at-home tech rallied. |
| 8 | Nov 10, 2022 | +8.1% | CPI report showed inflation cooling. Tech relief rally. |
| 9 | May 30, 2000 | +8.0% | Dot-com bear market rally. Fed pause on rate hikes. |
| 10 | Oct 21, 1987 | +7.5% | Post-Black Monday rebound week. |
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Top 10 Biggest Weekly Losses - NASDAQ
| # | Week Of | Change | Context |
|---|---|---|---|
| 1 | Sep 10, 2001 | -16.1% | 9/11 attacks. Tech stocks hammered on reopening. |
| 2 | Oct 6, 2008 | -15.3% | Financial crisis. Credit freeze. Lehman aftermath. |
| 3 | Apr 10, 2000 | -14.2% | Dot-com bubble bursting. Tech margin calls cascading. |
| 4 | Mar 16, 2020 | -12.6% | COVID pandemic. Circuit breakers triggered. Oil crash. |
| 5 | Oct 10, 2008 | -11.2% | Second terrible financial crisis week. |
| 6 | Feb 24, 2020 | -10.5% | COVID first strike on US markets. |
| 7 | Nov 10, 2000 | -10.4% | 2000 election uncertainty + continued dot-com bust. |
| 8 | Apr 4, 2025 | -10.0% | Trump Liberation Day tariffs. Tech hit hardest on China exposure. |
| 9 | Jan 14, 2000 | -9.2% | Dot-com bubble wobble. Microsoft antitrust fears. |
| 10 | Oct 19, 1987 | -9.0% | Black Monday week, but NASDAQ fared better than DJIA. |
DJIA
S&P 500
NASDAQ
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Top 10 Biggest Monthly Gains - DJIA
| # | Month | Change | Context |
|---|---|---|---|
| 1 | Aug 1932 | +35.8% | Monster Depression relief rally from extreme lows. Dow near absolute bottom. |
| 2 | Apr 1933 | +32.0% | FDR's New Deal programs. Emergency Banking Act impact. Dollar devaluation. |
| 3 | Jul 1932 | +25.8% | Rally from Dow's all-time percentage low near 41.22 (Jul 8, 1932). |
| 4 | Jun 1938 | +24.3% | End of 1937-38 recession. Government spending surge. |
| 5 | May 1933 | +20.5% | New Deal momentum. Agricultural Adjustment Act passed. |
| 6 | Apr 1938 | +18.8% | FDR reversed spending cuts that triggered 1937-38 recession. |
| 7 | Jan 1976 | +14.4% | Post-1974 crash recovery. Bicentennial optimism. |
| 8 | Nov 2020 | +11.8% | COVID vaccine announcements from Pfizer and Moderna. "Vaccine Rally." |
| 9 | Apr 2020 | +11.1% | COVID stimulus deployed. Fed unlimited QE. Fastest bear market to recovery in history. |
| 10 | Oct 2002 | +10.6% | Dot-com bust bottom. Markets found footing after 30-month decline. |
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Top 10 Biggest Monthly Losses - DJIA
| # | Month | Change | Context |
|---|---|---|---|
| 1 | Sep 1931 | -30.7% | UK abandoned gold standard. Global financial system in turmoil. Bank runs. |
| 2 | Apr 1932 | -23.7% | Depression deepening. Thousands of banks failed. Unemployment 23%+. |
| 3 | Mar 1938 | -23.7% | Roosevelt recession. FDR's spending cuts backfired, tanking the recovery. |
| 4 | Oct 1987 | -23.2% | Black Monday. Single worst day wiped out months of gains. |
| 5 | May 1940 | -21.7% | Fall of France. WWII looked certain. Europe capitulating to Nazis. |
| 6 | Oct 1929 | -20.4% | The Great Crash. Black Monday and Black Tuesday. |
| 7 | Oct 2008 | -14.1% | Lehman collapse. TARP uncertainty. Credit freeze. Financial crisis peak. |
| 8 | Mar 2020 | -13.7% | COVID crash. 4 circuit breaker events. Fastest 30% decline from highs in history. |
| 9 | Sep 2002 | -12.4% | Dot-com bust final capitulation. Corporate accounting scandals (WorldCom, Enron). |
| 10 | Feb 2009 | -11.7% | Financial crisis bottom approaching. Economy in free fall. |
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Top 10 Biggest Monthly Gains - S&P 500
| # | Month | Change | Context |
|---|---|---|---|
| 1 | Apr 1933 | +42.2% | FDR New Deal. Dollar devaluation. Bank crisis resolved. |
| 2 | Jul 1932 | +36.2% | Extreme Depression lows. Dead cat bounce from rock bottom. |
| 3 | Aug 1932 | +33.4% | Continued rally from Depression lows. RFC lending expanded. |
| 4 | Jun 1938 | +22.8% | End of Roosevelt recession. Spending programs resumed. |
| 5 | Sep 1939 | +16.6% | WWII declared. Defense spending expectations boosted markets. |
| 6 | Oct 1974 | +16.3% | Post-Watergate, post-oil-crisis relief rally. |
| 7 | Jan 1987 | +13.2% | Strong economy. Bull market momentum. Pre-Black Monday exuberance. |
| 8 | Apr 2020 | +12.7% | COVID stimulus. Fed unlimited QE. CARES Act deployed. |
| 9 | Nov 2020 | +10.8% | COVID vaccine "Vaccine Rally." Pfizer, Moderna results. |
| 10 | Mar 2009 | +8.5% | Financial crisis bottom. S&P bottomed at 666 on Mar 9. |
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Top 10 Biggest Monthly Losses - S&P 500
| # | Month | Change | Context |
|---|---|---|---|
| 1 | Sep 1931 | -29.7% | UK off gold standard. Global panic. Bank runs spreading. |
| 2 | Mar 1938 | -25.0% | Roosevelt recession. FDR spending cuts devastated recovery. |
| 3 | May 1940 | -23.1% | Fall of France. Nazi advance terrified markets. |
| 4 | May 1932 | -22.6% | Depression depths. Mass unemployment. Hoover-era policy failures. |
| 5 | Oct 1987 | -21.8% | Black Monday month. Program trading crash. |
| 6 | Oct 2008 | -16.9% | Financial crisis. Multiple 5%+ daily swings. |
| 7 | Mar 2020 | -12.5% | COVID crash. Fastest 30% decline ever. |
| 8 | Feb 2009 | -11.0% | Financial crisis approaching bottom. |
| 9 | Sep 2002 | -11.0% | Dot-com bust. Corporate scandal fallout (Enron, WorldCom). |
| 10 | Sep 2008 | -9.1% | Lehman collapsed Sept 15. AIG bailed out. Credit freeze. |
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Top 10 Biggest Monthly Gains - NASDAQ
| # | Month | Change | Context |
|---|---|---|---|
| 1 | Dec 1999 | +22.0% | Y2K buying frenzy. "New economy" euphoria at its peak. NASDAQ up 85.6% that year. |
| 2 | Feb 2000 | +19.2% | Dot-com bubble peak euphoria. NASDAQ approaching its 5,132 all-time high. |
| 3 | Jan 1975 | +16.6% | Post-1974 crash recovery. Oil crisis easing. |
| 4 | Apr 2020 | +15.4% | COVID tech rally. Stay-at-home stocks surged. Fed unlimited QE. |
| 5 | Apr 2001 | +15.0% | Multiple Fed rate cuts. Relief from relentless selling. |
| 6 | Nov 2001 | +14.2% | Post-9/11 recovery rally. Fed rate cuts fueling bounce. |
| 7 | Oct 2002 | +13.5% | Dot-com bust bottom. NASDAQ found footing near 1,100. |
| 8 | Jul 2022 | +12.4% | Bear market rally. Inflation cooling hopes. Tech bounce. |
| 9 | Jan 2001 | +12.2% | Surprise Fed rate cuts. Brief dot-com relief rally. |
| 10 | Nov 2020 | +11.8% | Vaccine rally. Pfizer and Moderna breakthroughs. |
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Top 10 Biggest Monthly Losses - NASDAQ
| # | Month | Change | Context |
|---|---|---|---|
| 1 | Nov 2000 | -22.9% | Dot-com bust. 2000 election chaos (Bush v. Gore). Tech earnings imploding. |
| 2 | Feb 2001 | -22.4% | Dot-com bust accelerating. Cisco, Intel, Oracle earnings disasters. |
| 3 | Oct 2008 | -17.7% | Financial crisis. Credit freeze. Everything sold. |
| 4 | Sep 2001 | -17.0% | 9/11 attacks. Markets closed, then crashed on reopening. |
| 5 | Apr 2000 | -15.6% | Dot-com bubble bursting. Tax deadline + margin calls. Microsoft antitrust. |
| 6 | Oct 1987 | -13.8% | Black Monday. NASDAQ lost 11.35% in one day alone. |
| 7 | Sep 2000 | -12.7% | Dot-com bust. Intel profit warning shocked market. Tech rout. |
| 8 | Sep 2022 | -10.5% | Fed aggressive rate hikes. Growth stock valuations cratered. |
| 9 | Mar 2020 | -10.1% | COVID crash. But NASDAQ fared better than other indices. |
| 10 | Jun 2022 | -8.7% | Inflation shock. Fed's 75bps hike. Bear market deepening. |
DJIA
S&P 500
NASDAQ
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Top 10 Best Years - DJIA
| # | Year | Return | Context | What Happened Next Year |
|---|---|---|---|---|
| 1 | 1933 | +63.7% | FDR's New Deal. Bank crisis resolved. End of Depression's worst phase. | +4.1% (1934). Modest consolidation. |
| 2 | 1928 | +48.2% | Roaring Twenties peak. Speculative mania. Margin buying rampant. | -17.2% (1929). The Great Crash. |
| 3 | 1954 | +44.0% | Post-Korea boom. Eisenhower prosperity. Fed easy money policy. | +20.8% (1955). Bull market continued. |
| 4 | 1935 | +38.5% | New Deal recovery momentum. Social Security Act passed. | +24.8% (1936). Recovery sustained. |
| 5 | 1975 | +38.3% | Post-1974 crash recovery. End of recession. Inflation easing. | +17.9% (1976). Bicentennial year rally. |
| 6 | 1958 | +34.0% | Post-recession bounce. Space race enthusiasm (Sputnik effect). | +16.4% (1959). Continued expansion. |
| 7 | 1995 | +33.5% | Internet revolution beginning. Goldilocks economy. Clinton prosperity. | +26.0% (1996). Tech boom continued. |
| 8 | 2013 | +26.5% | QE3 running. Economic recovery. Housing market bouncing back. | +7.5% (2014). More modest gains. |
| 9 | 1997 | +22.6% | Dot-com boom building. Asian financial crisis contained. | +16.1% (1998). LTCM crisis but market rose. |
| 10 | 2019 | +22.3% | Fed reversed rate hikes, cut 3 times. Trade war fears faded. | +7.2% (2020). Despite COVID crash, ended positive. |
▼
Top 10 Worst Years - DJIA
| # | Year | Return | Context | What Happened Next Year |
|---|---|---|---|---|
| 1 | 1931 | -52.7% | Great Depression deepening. Bank panics. UK off gold standard. | -23.1% (1932). More losses before bottom in July. |
| 2 | 1907 | -37.7% | Panic of 1907. Bank runs. JP Morgan bailed out financial system. | +46.6% (1908). Huge bounce-back. |
| 3 | 2008 | -33.8% | Financial crisis. Lehman collapse. Housing bust. Credit freeze. | +18.8% (2009). Massive recovery after March bottom. |
| 4 | 1930 | -33.8% | Great Depression beginning. 1929 crash aftereffects. Bank failures. | -52.7% (1931). Far worse ahead. |
| 5 | 1920 | -32.9% | Post-WWI recession. Deflation. Agriculture collapse. | +12.7% (1921). Recovery began. |
| 6 | 1937 | -32.8% | "Roosevelt Recession." FDR cut spending too soon. Recovery crushed. | +28.1% (1938). Strong recovery when spending resumed. |
| 7 | 1974 | -27.6% | Watergate. Nixon resignation. Oil crisis. Stagflation. | +38.3% (1975). Massive recovery rally. |
| 8 | 1929 | -17.2% | The Great Crash. Black Monday and Black Tuesday in October. | -33.8% (1930). Depression set in. |
| 9 | 2002 | -16.8% | Dot-com bust continued. 9/11 aftermath. Corporate scandals. | +25.3% (2003). Recovery began. |
| 10 | 1973 | -16.6% | Oil embargo. Watergate scandal. "Nifty Fifty" collapse. | -27.6% (1974). Much worse ahead. |
▲
Top 10 Best Years - S&P 500
| # | Year | Return | Context | What Happened Next Year |
|---|---|---|---|---|
| 1 | 1933 | +46.6% | New Deal recovery from Depression lows. | -5.9% (1934). Mild pullback. |
| 2 | 1954 | +45.0% | Post-Korea economic boom. Eisenhower era growth. | +26.4% (1955). Continued bull. |
| 3 | 1935 | +41.4% | New Deal recovery continuing. Social Security created. | +27.9% (1936). Multi-year recovery. |
| 4 | 1958 | +38.1% | Recession recovery. Cold War spending. | +8.5% (1959). Solid year. |
| 5 | 1995 | +34.1% | Tech revolution. Internet boom. Clinton prosperity. | +20.3% (1996). More gains. |
| 6 | 1975 | +31.5% | Post-1974 crash recovery. End of oil crisis recession. | +19.1% (1976). Bicentennial gains. |
| 7 | 1997 | +31.0% | Tech boom. Asian crisis contained. Goldilocks economy. | +26.7% (1998). Despite LTCM crisis. |
| 8 | 2013 | +29.6% | QE3 running. Recovery building. Housing rebound. | +11.4% (2014). Continued growth. |
| 9 | 2019 | +28.9% | Fed reversed course, cut rates 3 times. | +16.3% (2020). Despite COVID. |
| 10 | 2024 | +23.3% | AI boom. Fed began rate cuts. Strong economic growth. | TBD (2025). Tariff uncertainty weighs. |
▼
Top 10 Worst Years - S&P 500
| # | Year | Return | Context | What Happened Next Year |
|---|---|---|---|---|
| 1 | 1931 | -47.1% | Great Depression. Bank panics. Global financial collapse. | -15.2% (1932). More losses before July bottom. |
| 2 | 1937 | -38.6% | Roosevelt recession. Premature spending cuts. | +25.2% (1938). Recovery when spending resumed. |
| 3 | 2008 | -38.5% | Financial crisis. Lehman collapse. Worst S&P year since Depression. | +23.5% (2009). Massive bounce from March bottom. |
| 4 | 1974 | -29.7% | Oil crisis. Watergate. Stagflation. Nifty Fifty crash. | +31.5% (1975). Big recovery. |
| 5 | 1930 | -28.5% | Great Depression beginning. 1929 crash aftereffects. | -47.1% (1931). Much worse ahead. |
| 6 | 2002 | -23.4% | Dot-com bust. Corporate scandals. 9/11 aftermath. | +26.4% (2003). Recovery began. |
| 7 | 2022 | -19.4% | Fed aggressive rate hikes. Inflation shock. Growth collapse. | +24.2% (2023). AI-driven rally. |
| 8 | 1973 | -17.4% | Oil embargo. Watergate. Nifty Fifty collapse beginning. | -29.7% (1974). Even worse ahead. |
| 9 | 1932 | -15.2% | Depression depths. Bottomed July 1932. | +46.6% (1933). Massive recovery. |
| 10 | 2001 | -13.0% | Dot-com bust + 9/11. Double blow to markets. | -23.4% (2002). Still worse. |
▲
Top 10 Best Years - NASDAQ
| # | Year | Return | Context | What Happened Next Year |
|---|---|---|---|---|
| 1 | 1999 | +85.6% | Dot-com mania. Y2K buying frenzy. "New economy" euphoria. | -39.3% (2000). Bubble burst spectacularly. |
| 2 | 1991 | +56.8% | Post-Gulf War rally. Tech stocks emerging. PC revolution. | +15.5% (1992). Continued growth. |
| 3 | 2003 | +50.0% | Post-dot-com recovery. Iraq War. Low rates fueled buying. | +8.6% (2004). Modest gains. |
| 4 | 2009 | +43.9% | Post-financial crisis recovery. March bottom at ~1,265. | +16.9% (2010). Recovery continued. |
| 5 | 2020 | +43.6% | COVID crash to massive tech rally. Stay-at-home economy. | +21.4% (2021). More gains. |
| 6 | 2023 | +43.4% | AI boom (ChatGPT effect). Magnificent Seven surge. | +28.6% (2024). AI rally continued. |
| 7 | 1998 | +39.6% | Internet stocks surging. LTCM contained. Tech mania building. | +85.6% (1999). Bubble went parabolic. |
| 8 | 2019 | +35.2% | Fed rate cuts. Trade war fears faded. Cloud computing boom. | +43.6% (2020). Despite COVID. |
| 9 | 2024 | +28.6% | AI investment cycle. Fed began cutting rates. | TBD (2025). Tariff headwinds. |
| 10 | 2017 | +28.2% | Trump tax cut optimism. FAANG stocks surging. | -3.9% (2018). Rate hike fears. |
▼
Top 10 Worst Years - NASDAQ
| # | Year | Return | Context | What Happened Next Year |
|---|---|---|---|---|
| 1 | 2008 | -40.5% | Financial crisis. Credit freeze. Tech spending collapsed. | +43.9% (2009). Massive recovery. |
| 2 | 2000 | -39.3% | Dot-com bubble burst. NASDAQ peaked 5,132 in March, then cratered. | -21.1% (2001). Bust continued + 9/11. |
| 3 | 1974 | -35.1% | Oil crisis. Stagflation. Watergate. Bear market. | +29.8% (1975). Recovery rally. |
| 4 | 2022 | -33.1% | Fed aggressive rate hikes. Inflation shock. Growth stocks crushed. | +43.4% (2023). AI-fueled rebound. |
| 5 | 2002 | -31.5% | Dot-com bust bottom. Enron/WorldCom scandals. Iraq War fears. | +50.0% (2003). Explosive recovery. |
| 6 | 1973 | -31.1% | Oil embargo. Nifty Fifty crash. Watergate scandal. | -35.1% (1974). Even worse. |
| 7 | 2001 | -21.1% | Dot-com bust continued. 9/11 attacks. Recession. | -31.5% (2002). Third consecutive loss. |
| 8 | 1990 | -17.8% | Gulf War fears. S&L crisis. Recession began. | +56.8% (1991). Huge rebound. |
| 9 | 1987 | -5.2% | Black Monday. But NASDAQ recovered most of the crash by year-end. | +15.4% (1988). Recovery continued. |
| 10 | 2018 | -3.9% | Fed rate hikes. Trade war fears. Q4 selloff. | +35.2% (2019). Fed reversed course; huge rally. |
Visualizing the Extremes
How the biggest gains and losses compare across indices and eras.
Worst Single Days by Index (%)
Best Single Days by Index (%)
Worst Years by Index (%)
Best Years by Index (%)
The Aftermath: What Happens After a Crash?
History's answer is surprisingly consistent: markets recover. The question is how long it takes.
| Crash Event | Peak-to-Trough Decline | Duration of Decline | Time to Full Recovery | 5-Year Return After Bottom |
|---|---|---|---|---|
| 1929 Great Crash | -89.2% (DJIA) | 2 years, 10 months | 25.2 years (Nov 1954) | +267% from 1932 bottom |
| 1987 Black Monday | -36.1% (DJIA) | 2 months | 1.9 years (Sep 1989) | +80% from 1987 low |
| 2000 Dot-Com Bust | -78.4% (NASDAQ) | 2.5 years | 15 years (Apr 2015) | +91% from 2002 bottom |
| 2008 Financial Crisis | -56.8% (S&P 500) | 1.4 years | 5.5 years (Mar 2013) | +178% from 2009 bottom |
| 2020 COVID Crash | -33.9% (S&P 500) | 1.1 months | 5 months (Aug 2020) | +106% from 2020 bottom |
| 2022 Bear Market | -33.1% (NASDAQ) | 9 months | ~2 years (Dec 2024) | TBD |
| 2025 Tariff Shock | -19% (S&P 500 peak-to-trough) | ~1 week (Apr 2-9) | ~4 months (Aug 2025) | TBD |
The Bottom Line: Of the 7 major market crashes since 1929, 6 saw complete recovery - and the one exception (the dot-com bust) took 15 years partly because the NASDAQ was at bubble valuations when it crashed. The average 5-year return after a major market bottom is roughly +150%. The strongest pattern in market history is that the biggest crashes create the biggest buying opportunities - if you can stomach the volatility.