List of Largest Daily Changes in the S&P 500 Index

Exploring Significant Daily Movements in the S&P 500 Since 1923

This article presents a comprehensive record of the most substantial daily fluctuations in the S&P 500 Index starting from 1923. For context and comparison, these changes are juxtaposed against similar movements in the Dow Jones Industrial Average.

S&P 500

The S&P 500 was initially introduced in 1923, but it did not gain formal recognition as a key stock market index until 1957. Consequently, some of the records listed below may not be documented by all sources. It serves as a barometer for the overall health of the U.S. stock market and is a critical indicator for both investors and economists.

Largest Percentage Changes

Since its formal recognition, the S&P 500 has seen days of significant volatility. Here, we explore the days that have registered the highest percentage changes — both gains and losses.

The S&P 500 was initially introduced in 1923, but it did not gain formal recognition as a key stock market index until 1957. Consequently, some of the records listed below may not be documented by all sources.

Narratives for Top 3 Biggest Gains and Losses

Understanding what drives such extreme market movements can provide investors with insights into underlying economic, political, and societal factors.

• Best Days:
  • April 9, 2025, (+ 9.5%): the S&P 500’s substantial gain of 9.5% was primarily driven by a significant geopolitical event: President Trump announced a 90-day pause on certain tariffs, which affected nearly 100 nations. This pause was seen as a de-escalation in the ongoing trade tensions, particularly with China, where tariffs had been markedly high. The announcement sparked a massive rally in U.S. stocks, as investors responded positively to the reduced risk of a further escalation in global trade wars and the potential economic downturns associated with such conflicts​
  • March 24, 2020 (+9.4%): Amid the early stages of the COVID-19 pandemic, this significant rebound was fueled by massive stimulus packages announced by governments and central banks worldwide, aimed at bolstering the economy.
  • October 13, 2008 (+11.6%): During the global financial crisis, this gain followed coordinated efforts by global governments to stabilize the financial system, reassuring investors about the liquidity and solvency of banks.
• Worst Days:
  • March 16, 2020 (−12.0%): The largest drop recorded was driven by the accelerating global spread of COVID-19 and an oil price war between Saudi Arabia and Russia, triggering widespread panic selling.
  • March 12, 2020 (−9.5%): Occurring shortly before the steepest drop, this decline was propelled by the WHO’s declaration of COVID-19 as a global pandemic, intensifying fears of a prolonged economic downturn.
  • October 15, 2008 (−9.0%): This loss came during the height of the financial crisis, as fears about a comprehensive credit crunch and failing financial institutions reached a fever pitch.

Yesterday’s S&P 500 Return

Yesterday, the S&P 500 saw a gain of 0.9%, a movement that while positive, is modest compared to the historical extremes discussed above. This gain reflects ongoing adjustments in the market, possibly influenced by recent economic data or geopolitical events.

Largest Closing Point Changes

The following tables detail the most significant one-day point changes for the S&P 500, comparing the closing values from one trading day to the next. This section provides a quantitative view of the most volatile days in the market’s history.

Largest Intraday Point Swings

This section captures the biggest intraday point fluctuations, providing a snapshot of the most volatile trading sessions.

This table displays the biggest intraday point fluctuations since 1967

Largest Daily Percentage Changes Each Year

Tracking the most significant annual changes offers insights into the yearly volatility and underlying trends influencing market movements.

Year has not yet ended.

Historic Volatility: A Look at the S&P 500’s Most Turbulent Days

The S&P 500 index, a barometer for the U.S. stock market, has experienced days of significant volatility. This section explores the 20 best and worst trading days for the index since 1990, providing insights into the dynamics that led to these extreme movements.

Table of S&P 500’s Top Daily Movements

Narratives of Notable Days

October 13, 2008 (+11.6%): Amid the global financial crisis, the S&P 500 recorded its best day, surging 11.6%. This dramatic rise was largely a reaction to global governments’ coordinated efforts to stabilize the financial system, including bank bailouts and guarantees of bank debt.

October 28, 2008 (+10.8%): Following another round of coordinated global policy measures to inject liquidity into markets, the S&P 500 soared once more. This rebound was part of a volatile period during the financial crisis where investor sentiment swung wildly based on government actions.

April 9, 2025 (+9.5%): This remarkable rally in the S&P 500 was largely fueled by a significant reduction in market volatility, following President Trump’s decision to pause tariffs reciprocally with several major trading partners. This strategic move, made shortly after taking office, aimed at easing trade tensions and fostering a more favorable economic environment, greatly boosted investor confidence and spurred positive movements in the stock market.

March 16, 2020 (-12.0%): As the COVID-19 pandemic escalated globally, fears of widespread economic fallout led to the worst day for the S&P 500 since 1987. The drastic drop reflected panic selling amid uncertainty about the virus’s impact on the global economy.

March 12, 2020 (-9.5%): Close on the heels of its worst drop, the S&P 500 plunged again as the World Health Organization declared COVID-19 a pandemic, exacerbating economic fears.

October 15, 2008 (-9.0%): In the depths of the financial crisis, the S&P 500 fell sharply as credit markets seized up, leading to widespread sell-offs in equities due to fears of prolonged economic recession.

Analysis and Reflection

This section can analyze the patterns of volatility, comparing factors that led to the largest gains and losses. Discussing the impact of external shocks versus internal market dynamics provides readers with an understanding of how diverse factors can influence market sentiment and investor behavior.

Conclusion

The historical volatility of the S&P 500 reveals much about the broader economic and psychological landscape. By understanding these trends, investors can better prepare for potential future volatility and make more informed decisions. Reflecting on these fluctuations helps us grasp the dynamic nature of financial markets and the interconnectedness of global economies.

Frequently Asked Questions (FAQs)

1. What is the average daily change in the S&P 500?

• The average daily change in the S&P 500 varies depending on the market conditions and historical period considered. Generally, it is around 0.7% to 1.0%. This average includes days of both positive gains and negative losses, reflecting the typical daily volatility experienced in the stock market.

2. What is the most the S&P 500 has fallen in a day?

• The largest single-day percentage fall in the S&P 500 occurred on March 16, 2020, when the index dropped by 12.0%. This steep decline was primarily due to market reactions to the COVID-19 pandemic and the oil price wars between major countries.

3. What is the most SPY has moved in a day?

• The SPY, an ETF that tracks the S&P 500, mirrors the index’s movements. Its most significant single-day move also happened on March 16, 2020, following the same trends as the S&P 500, with a dramatic fall mirroring the index’s 12.0% drop.

4. What is the biggest one-day drop in stock market history?

• In terms of percentage drop, the biggest one-day drop in stock market history occurred on “Black Monday” — October 19, 1987 — when the Dow Jones Industrial Average (DJIA) fell by 22.6%. Although this record is for the DJIA, it similarly impacted all major U.S. stock market indices, including the S&P 500, which also experienced a dramatic decline on the same day.