S&P 500

The S & P 500 ( Standard & Poor's 500) is a share index, which reflects the share of the 500 largest publicly traded U.S. companies. The S & P 500 is weighted by market capitalization and is one of the most followed stock indexes in the world. The normal S & P 500 is a price index.

There are also the so-called S & P 500 Total Return Index. This is - as the name suggests - is a performance index. Linked to the S & P 500 TR is the S & P 500 Short Index, the inverse mapping, ie in the case of falling share prices increases the corresponding performance.

4.1 highs
4.2 milestones
4.3 The best days
4.4 The worst days
4.5 The best weeks
4.6 The worst weeks
4.7 The best months
4.8 The worst months
4.9 Annual Development
4:10 Bull markets
4:11 Bear markets

5.1 Profit Development
5.2 quarters with the highest and lowest PER
5.3 Dividend History
5.4 Majority turnover
5.5 Largest market capitalization
5.6 Highest Dividend Yield

Versions

The S & P 500 is calculated in different versions, bearing in mind in the media almost exclusively to the price index. The classic S & P 500 does not include dividend payments and proceeds from subscription rights.

However, there are also the so-called S & P 500 Total Return Index. In calculating the index in addition to the courses also incorporated the dividend payments. It is therefore referred to as a performance index, ie as a share index, which tracks next to the appreciation of the stock and the capital increase through dividends ( reinvested dividends). The index was launched on 31 December 1987 with a base value of 247.08 points. Linked to the S & P 500 TR Index is the S & P 500 Short Index, the inverse mapping, ie in the case of falling share prices increases the corresponding performance.

Another index is the S & P 500 Net Total Return Index. He points out the price plus Net cash dividend. Net cash dividend equal to the dividend less 30 percent withholding tax.

Calculation

As an index base 500 selected quoted prices of public companies on the New York Stock Exchange ( NYSE), NYSE Amex (formerly the American Stock Exchange) and NASDAQ are traded. The S & P 500 reflects their performance and therefore is considered an indicator for the development of the entire U.S. stock market. He is compared with the Dow Jones Industrial Average Index and the more modern represents around 75 percent of the U.S. market capitalization.

The index is calculated by the value index formula that specifies that the measurement number, the total change in value. The S & P 500 is not adjusted for dividend payments. Corporate actions such as stock splits have no ( distorting ) influence on the index. The weighting is based on the market capitalization of the companies listed. About inclusion in the index determines the rating agency Standard & Poor's. The calculation is during NYSE trading hours 9:30 to 16:00 local time ( 15:30 to 22:00 CET) updated every second. The index futures trading on the S & P 500 began on 21 April 1982 at the Chicago Mercantile Exchange ( CME). In January 1983, the trade started with index options, which are among the best-selling worldwide.

The S & P 500 is used as the basis for the CBOE Volatility Index ( VIX), which is calculated by the Chicago Board Options Exchange ( CBOE ). It was first published in 1993 and calculated back to 1986. In the first ten years, involved the calculation of the VIX to the S & P 100, only to change in 2003 on the S & P 500, the VIX volatility index measures the market expectations of short-term volatility based on option prices on the S & P 500 is located between VIX and S & P 500 is a opposite correlation ago. Increases the volatility of the VIX, then the S & P 500 falls falls the volatility of the VIX, the S & P 500 rises

History

20th century

1923, Standard Statistics at a weekly index of 233 equity securities. In the following years this has been constantly expanding. In the year of the merger of Standard Statistics and Poor's Publishing in 1941, the Index comprised 416 companies. The first daily published index published in 1926, 90 equity securities. On March 4, 1957, Standard & Poor 's stated that the S & P 500 and calculated this to 1928 (daily rates ) to 1918 ( weekly rates) and to 1789 ( monthly rates) back. The base year for calculating the years were 1941-1943 with a start value of ten index points.

The calculation largest percentage increase in one day recorded the S & P 500 on March 15, 1933, 16.61 percent. It should be noted that it was the first day of trading on the New York Stock Exchange since March 3, 1933. Reason for the trading halt were several bank holidays ( National Banking Holidays ) that have been enacted as 32nd President of the United States of America because of the inauguration of Franklin D. Roosevelt.

The largest percentage drop in one day occurred on Black Monday, 19 October 1987, when the S & P 500 fell 20.47 percent. The stock market crash spread quickly to all major international trading centers. One year after the " Black Monday ", October 20, 1988, the index closed at 282.88 points again its level before the stock market crash.

On 24 March 1995, the S & P 500 finished for the first time to trade above the limit of 500 points. In the following years the index marked another record levels. On 2 February 1998, the index closed above the first 1,000 - point mark on 22 March 2000 for the first time on the border of 1500 points. On 24 March 2000, the S & P 500 with a closing level of 1527.46 points, a record that stood its all-time high for seven years.

21st Century

After the bursting of the speculative bubble in the technology sector ( dot-com bubble ), the index fell to a low of 776.76 points to 9 October 2002. That was a decline since March 2000 by 49.1 percent. The October 9, 2002 marks the end of the descent. From autumn 2002, the S & P 500 began to rise again. On 3 May 2007 the index crossed with a closing level of 1502.39 points for the first time since 7 September 2000, the mark of 1500 points. The high of March 2000 fell on 30 May 2007, when the index ended trading with 1530.23 points. On 9 October 2007, the S & P 500 with a closing level of 1565.15 points, an all time high.

In the course of the international financial crisis in the U.S. real estate crisis originated in the summer of 2007, the S & P 500 began to fall again. On 7 October 2008 since 30 September 2003, he graduated with 996.23 points for the first time below the limit of 1,000 points. The volatility exceeded during the crisis, the high of 1987, and was after a study published by Goldman Sachs in November 2008 study in the three-month comparison with 66 percent just two points below the previous peak level in 1929. At the lowest level since September 12, 1996 the index fell on March 9, 2009, when he finished trading with 676.53 points. Since the all-time high on 9 October 2007, this represents a decrease of 56.8 percent.

The March 9, 2009 marked the turning point of the descent. From the spring of 2009, the S & P 500 back on the way up. Until 29 April 2011, he rose by 101.6 percent to a closing level of 1363.61 points. The slowdown in the global economy and the intensification of the euro crisis led to a fall in the stock index. On 3 October 2011, the S & P 500 trading ended at 1099.23 points. The loss since its peak on 29 April 2011 amounted to 19.4 percent.

The announcement of new bond purchase programs of the European Central Bank and the U.S. Federal Reserve in principle unlimited extent led to a recovery of prices in the stock market. The monetary stimulus played a greater role in price formation, as the global economic slowdown and the position of the company. On 10 January 2013, the index closed at 1472.12 points, up by 33.9 per cent as on October 3, 2011.

Performance

The S & P 500 was first released in 1957 and calculated back to 1789. In the 19th and 20th centuries he scored a different performance. 31 December 2000 to 19.118 percent ( average annual return and between January 1, 1901: 5: Between 1 January 1801 and 31 December 1900, the Index ( 0.9 percent average annual return ) grew by 150.7 percent, 4 per cent).

The performance in the first half of the 20th century was about 2.2 percent per year, barely higher than in the entire 19th century. Reasons are the effects of the Great Depression and the Second World War, which led to a twenty year bear market ( 1929-1949 ). In the second half of the 20th century, the average annual return was 8.7 percent, well above the performance of 1801 until 1950.

The stagnation of the S & P 500 in the 1970s and the rapid development in the 1980s and 1990s can be recognized by its doubling rate. More than 17 years it took for the index of 100 points in 1968 doubled to 200 points in 1985. The doubling from 200 to 400 points in 1991 lasted six years. The S & P required for the doubling from 400 to 800 points in 1997 500 a little more than five years. In the following three years, the index rose by another 727 points to 1,527 points.

Beginning of the 21st century slowed the stock index its development again. Between 1 January 2001 and 31 December 2012, the S & P 500 rose by 8.0 percent ( average annual return: 0.7 percent). Overall, the index rose from 31 December 1800 to 31 December 2012 based on the recalculation to 51 951 percent. The average annual yield is 3.0 percent.

The normal S & P 500 is a price index, in which the dividends paid, which are cut off from the courses not be included ( ex dividend ) as the performance index, the DAX. This is the S & P 500 not long-term for an evaluation of the performance, in contrast to the DAX but suitable for a long -term view of the price development of the included shares. A comparison of the performance of the German stock index DAX is therefore possible only on the performance of the S & P 500 Total Return Index. Both indices started in 1987. The annual performance of the U.S. index has since been better than the DAX.

The S & P 500 Total Return Index rose between December 31, 1987 ( 247.08 points) and 31 December 2012 ( 2504.44 points) to 913.6 percent. The average annual yield is 9.7 percent. The DAX rose in the same period of 1000.00 points to 7612.39 points ( 661.2 per cent). The average annual yield is 8.5 percent.

In July 2012, the Federal Reserve Bank of New York published a study that the U.S. stock indices by 100 percent in late 2011 were higher than would be the case in the free market without the intervention of the Fed. Annually convenes eight times the FOMC ( Federal Open Market Committee = Open Market Committee ) of the U.S. Federal Reserve and are each clock at 14:15 local time ( 20:15 CET clock ) in the Beige Book, its decisions known. The Fed now has 500 cleans up the performance of the S & P about the gains and losses, which were achieved on the day before the decision from 20:00 CET clock to the date of decision at 20:00 GMT clock. Will those eight days per year, that is deducted 144 days in the period from 1994 to 2011, the S & P 500 would end 2011 at 1,258 points, but not only at about 600 points. The U.S. stock indices (Dow Jones, S & P 500, Nasdaq Composite) and the major international indices ( FTSE 100, DAX, CAC 40, SMI, IBEX 35, the TSE index) tended to prior to the announcement of a decision on U.S. monetary policy to. rise Without the intervention of the U.S. Federal Reserve over a period of almost two decades, the global stock markets would circulate the end of 2011 significantly lower.

KGV Development

The price-earnings ratio (PER ) of the S & P 500 was back-calculated from the Cowles Foundation, an institute for economic research at Yale University, 1871. Since 1926 ( year) and since 1936 (quarterly) Standard & Poor's publishes details of the so-called 'Reported Earnings " (profit after taxes, interest, depreciation and amortization under U.S. GAAP). Since 1988, the "Operating Earnings " (profits from operations ) can be specified.

From 1871 to 2011, the average PER of the S & P 500 was based on the reported earnings in the last twelve months ( " Reported Earnings " ) at 16.41. In the period 1871-1990 the long-term average was 13.46 times earnings, and from 1991 to 2011, he was 26.42.

Below 10 the PER was the last time in June 1984. Between early 1936 and late 2011, the results of 304 quarters were published. Under the PER was 10 in 61 quarters, about 10 to less than 20 in 184 quarters. About 20 E ratio was in 59 quarters.

The highest PER was determined in June 2009 with 122.41, the lowest in June 1949 with 5.90. If the largest eruptions (so-called fat tails ) from 10 per cent each, the average PER of 15.30, 24.92 and the maximum with the minimum of 8.57 is calculated. If 20 percent of the largest eruptions removed, would be the average of 15.21 and the maximum 19.57, minimum 10.03.

Statistics

Highs

The overview shows the all-time highs in the S & P 500 price index (excluding dividends) and as a performance index ( with dividends).

Milestones

The table shows the milestones of the back-calculated to 1928 S & P 500

The best days

The largest percentage increase in one day occurred on 15 March 1933, when the S & P 500 rose 16.61 percent. It should be noted that it was the first day of trading on the New York Stock Exchange since 3 March 1933. Reason for the trading halt were several bank holidays ( National Banking Holidays ) that have been enacted as 32nd President of the United States of America because of the inauguration of Franklin D. Roosevelt.

The table shows the best days of back-calculated to 1928 S & P 500

The worst day

The table shows the worst days of back-calculated to 1928 S & P 500

The best weeks

The best week in the history of the S & P 500 ended on August 6, 1932 with a gain of 18.36 percent, followed by the week of 25 June 1938, an increase of 17.79 percent, and the week of July 30, 1932 a gain of 17.08 percent.

The table shows the best weeks of back-calculated to 1918 S & P 500 The date refers to the last trading day of the week.

The worst weeks

The worst week in the history of the S & P 500 ended on July 22, 1933 with a loss of 18.47 percent, followed by the week of 10 October 2008, a decline of 18.20 per cent and the week of May 18, 1940 a loss of 17.37 percent.

The table shows the worst weeks of back-calculated to 1918 S & P 500 The date refers to the last trading day of the week.

The best months

The best month in the history of the S & P 500 was April 1933, a gain of 42.22 percent, followed by July 1932 with an increase of 37.70 percent and August 1932 with a profit by 37.54 percent.

The table shows the best months of back-calculated to 1800 S & P 500

The worst months

The worst month in the history of the S & P 500 was the September 1931 with a loss of 29.94 percent, followed by March 1938 with a decline of 25.04 per cent and in October 1857 with a loss of 24.84 percent.

The table shows the worst months of back-calculated to 1800 S & P 500

Annual development

The best year in the history of the S & P 500 in 1862 with a gain of 55.62 percent, followed by 1933 with an increase of 46.59 per cent and in 1843 with a gain of 45.63 percent. The worst year in the history of the stock index in 1931 with a loss of 47.07 percent, followed by 1937 with a decline of 38.59 percent and 2008 with a loss of 38.49 percent.

The table shows the development of the back-calculated to 1800 S & P 500

Bull markets

The longest bull market of the S & P 500 took between 1990 and 1998 a total of 2836 days. The bull market with the largest gain also occurred between 1990 and 1998. Investors gained during this period with shares 301.7 percent. Since 1929 there were, according to a study by the U.S. analysis company Ned Davis Research 28 cyclical bull markets with an average duration of 721 days. The average income was 78.8 percent.

Bull markets are for a definition of Ned Davis Research gains in the S & P 500 by at least 30 percent after 50 days, an increase of the index by 13 percent after the expiration of 155 days, or a 30 - percent reversal in the geometric Value Line Composite Index since 1965.

Bear markets

The longest bear market in the S & P 500 took 1939-1942 a total of 916 days. The bear market with the greatest loss occurring between 1930 and 1932. Investors lost during this period with shares 83.0 percent. Since 1929 there were, according to a study by the U.S. analysis company Ned Davis Research 29 cyclical bear markets with an average duration of 382 days. The average loss was 29.4 percent.

Bear markets are a definition of Ned Davis Research depreciation of the S & P 500 by at least 30 percent after 50 days, a decrease of the index by 13 percent after the expiration of 145 days, or a 30 - percent reversal in the geometric Value Line Composite Index since 1965.

Business

Profit development

Standard & Poor's published since 1988, two different data to gain - the so-called " operating earnings " (profits from operations ) and " Reported Earnings " (profit after taxes, interest, depreciation and amortization under U.S. GAAP). Previously, only the reported profit was specified.

The operating profit (operating Earning ) to represent the long-term profitability of a company. Since the term is unprotected, there are many definitions. When reported earnings (Reported Earning ) profit for the year is adjusted for discontinued operations. Extraordinary income components are omitted.

The following table shows the index level, the gains in U.S. dollars per share and price-earnings ratios based on the results of the last twelve months. All data is to be noted that this refers to the nominal prices in U.S. dollars of the respective collection period, so are not adjusted for inflation.

Quarters with the highest and lowest PER

The table shows the quarters with the highest and lowest PER of the S & P 500 since 1936. Material is based on the results of the last twelve months, according to U.S. GAAP (Reported Earnings ).

Dividend History

The table shows the index level of the S & P 500 reported earnings per share, the dividend in U.S. dollars per share, the dividend payout rate in percent and the return on the basis of the last twelve months as a percentage. For comparison, the yield on ten- year U.S. government bonds and the inflation rate is listed.

The dividend as a percentage of the profit ( for example, after taxes ) shows the payout rate; a payout rate of over 100 percent can not hold out long company - a dividend reduction is to be expected. The highest payout rate for the companies in the S & P 500 since 1977 was determined in 2002 by 142 percent.

Majority turnover

The table shows the 10 largest companies on 31 December 2011 in terms of sales in millions of U.S. dollars and the sector according to GICS. The Global Industry Classification Standard ( Global Industry Classification Standard, short GICS ) was developed by Morgan Stanley Capital International and Standard & Poor's, a subsidiary of McGraw- Hill.

Largest market capitalization

The table shows the 10 largest companies by market capitalization in U.S. dollars, the index and sector weighting in percent and the industry affiliation after GICS (as at 31 December 2011).

Highest Dividend Yield

The table shows the 10 companies with the highest dividend yield, the stock price, the dividend per share in U.S. dollars and the sector according to GICS (as of 31 December 2012).

More stock indices in the U.S.

Dow Jones Industrial Average (30 largest U.S. public companies )
NYSE Composite ( all companies in the NYSE)
Nasdaq Composite (all companies in the NASDAQ)
NASDAQ -100 ( 100 largest technology companies in the NASDAQ)
Russell 2000 (2000 U.S. small caps)
S & P 100 (100 largest U.S. public companies )
Wilshire 5000 ( all U.S. public companies )

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