{"_license": "Reuse with attribution is welcome; copying the work is not. Data (/api/**.json): CC BY 4.0. Charts, share images, embeds and quotes: free to reuse when credited \"History of Market (historyofmarket.com)\" with a link. No derivative or look-alike sites, no use of the brand names, no citation without the source. Terms: https://historyofmarket.com/license/", "_attribution": "History of Market (historyofmarket.com)", "_canonical": "https://historyofmarket.com/api/sp500/drawdowns.json", "_terms": "https://historyofmarket.com/license/", "updated": "2026-09-29", "ticker": "^GSPC", "drawdowns": [{"period": "2026: 1月27日 - 3月30日", "days": 62, "high": 6978.6, "low": 6343.72, "decline": -0.091, "category": "narrative_break", "cause": "AI 与地缘担忧", "causeEn": "AI & geopolitical fears", "active": false, "recovery_days": 78, "recovery_date": "2026-04-15"}, {"period": "2025: 2月19日 - 4月8日", "days": 48, "high": 6144.15, "low": 4982.77, "decline": -0.189, "category": "policy_shift", "cause": "关税与贸易战", "causeEn": "Tariffs & trade war", "active": false, "recovery_days": 128, "recovery_date": "2025-06-27"}, {"period": "2025: 10月28日 - 11月20日", "days": 23, "high": 6890.89, "low": 6538.76, "decline": -0.051, "category": "mechanical_scare", "cause": "AI泡沫恐慌", "causeEn": "AI-bubble jitters", "active": false, "recovery_days": 44, "recovery_date": "2025-12-11"}, {"period": "2024: 7月16日 - 8月5日", "days": 20, "high": 5667.2, "low": 5186.33, "decline": -0.085, "category": "mechanical_scare", "cause": "日经崩盘联动", "causeEn": "Nikkei shock", "active": false, "recovery_days": 65, "recovery_date": "2024-09-19"}, {"period": "2024: 3月28日 - 4月19日", "days": 22, "high": 5254.35, "low": 4967.23, "decline": -0.055, "category": "mechanical_scare", "cause": "推迟降息担忧", "causeEn": "Delayed-cut fears", "active": false, "recovery_days": 48, "recovery_date": "2024-05-15"}, {"period": "2022: 1月3日 - 10月12日", "days": 282, "high": 4796.56, "low": 3577.03, "decline": -0.254, "category": "policy_shift", "cause": "通胀与加息", "causeEn": "Inflation & rate hikes", "active": false, "recovery_days": 746, "recovery_date": "2024-01-19"}, {"period": "2021: 9月2日 - 10月4日", "days": 32, "high": 4536.95, "low": 4300.46, "decline": -0.052, "category": "mechanical_scare", "cause": "新冠奥密克戎变异株", "causeEn": "COVID-Omicron", "active": false, "recovery_days": 49, "recovery_date": "2021-10-21"}, {"period": "2020: 9月2日 - 9月23日", "days": 21, "high": 3580.84, "low": 3236.92, "decline": -0.096, "category": "narrative_break", "cause": "新冠疫情", "causeEn": "COVID pandemic", "active": false, "recovery_days": 72, "recovery_date": "2020-11-13"}, {"period": "2020: 2月19日 - 3月23日", "days": 33, "high": 3386.15, "low": 2237.4, "decline": -0.339, "category": "exogenous_shock", "cause": "新冠疫情", "causeEn": "COVID pandemic", "active": false, "recovery_days": 181, "recovery_date": "2020-08-18"}, {"period": "2019: 7月26日 - 8月14日", "days": 19, "high": 3025.86, "low": 2840.6, "decline": -0.061, "category": "mechanical_scare", "cause": "贸易战", "causeEn": "Trade war", "active": false, "recovery_days": 94, "recovery_date": "2019-10-28"}, {"period": "2019: 4月30日 - 6月3日", "days": 34, "high": 2945.83, "low": 2744.45, "decline": -0.068, "category": "mechanical_scare", "cause": "贸易战", "causeEn": "Trade war", "active": false, "recovery_days": 51, "recovery_date": "2019-06-20"}, {"period": "2018: 9月20日 - 12月24日", "days": 95, "high": 2930.75, "low": 2351.1, "decline": -0.198, "category": "policy_shift", "cause": "利率上升", "causeEn": "Rising rates", "active": false, "recovery_days": 215, "recovery_date": "2019-04-23"}, {"period": "2018: 1月26日 - 2月8日", "days": 13, "high": 2872.87, "low": 2581.0, "decline": -0.102, "category": "mechanical_scare", "cause": "利率上升恐慌", "causeEn": "Rate fears", "active": false, "recovery_days": 210, "recovery_date": "2018-08-24"}, {"period": "2015: 5月21日 - 2016年2月11日", "days": 266, "high": 2130.82, "low": 1829.08, "decline": -0.142, "category": "policy_shift", "cause": "希腊违约", "causeEn": "Greek default", "active": false, "recovery_days": 417, "recovery_date": "2016-07-11"}, {"period": "2014: 9月18日 - 10月15日", "days": 27, "high": 2011.36, "low": 1862.49, "decline": -0.074, "category": "mechanical_scare", "cause": "Taper 减购债", "causeEn": "QE taper", "active": false, "recovery_days": 43, "recovery_date": "2014-10-31"}, {"period": "2014: 1月15日 - 2月3日", "days": 19, "high": 1848.38, "low": 1741.89, "decline": -0.058, "category": "mechanical_scare", "cause": "Taper 减购债", "causeEn": "QE taper", "active": false, "recovery_days": 43, "recovery_date": "2014-02-27"}, {"period": "2013: 5月21日 - 6月24日", "days": 34, "high": 1669.16, "low": 1573.09, "decline": -0.058, "category": "narrative_break", "cause": "Taper 恐慌", "causeEn": "Taper tantrum", "active": false, "recovery_days": 51, "recovery_date": "2013-07-11"}, {"period": "2007: 7月19日 - 8月15日", "days": 27, "high": 1553.08, "low": 1406.7, "decline": -0.094, "category": "narrative_break", "cause": "次贷危机首爆", "causeEn": "Subprime first wave", "active": false, "recovery_days": 78, "recovery_date": "2007-10-05"}, {"period": "2007: 10月9日 - 2009年3月9日", "days": 517, "high": 1565.15, "low": 676.53, "decline": -0.568, "category": "credit_destruction", "cause": "全球金融危机", "causeEn": "Global financial crisis", "active": false, "recovery_days": 1997, "recovery_date": "2013-03-28"}, {"period": "2000: 3月24日 - 2002年10月9日", "days": 929, "high": 1527.46, "low": 776.76, "decline": -0.491, "category": "credit_destruction", "cause": "互联网泡沫破裂", "causeEn": "Dotcom bust", "active": false, "recovery_days": 2623, "recovery_date": "2007-05-30"}, {"period": "1999: 7月16日 - 10月15日", "days": 91, "high": 1418.78, "low": 1247.41, "decline": -0.121, "category": "correction", "cause": "", "causeEn": "", "active": false, "recovery_days": 123, "recovery_date": "1999-11-16"}, {"period": "1999: 5月13日 - 5月27日", "days": 14, "high": 1367.56, "low": 1281.41, "decline": -0.063, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 48, "recovery_date": "1999-06-30"}, {"period": "1999: 4月12日 - 4月19日", "days": 7, "high": 1358.63, "low": 1289.48, "decline": -0.051, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 10, "recovery_date": "1999-04-22"}, {"period": "1999: 12月31日 - 2000年2月25日", "days": 56, "high": 1469.25, "low": 1333.36, "decline": -0.092, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 81, "recovery_date": "2000-03-21"}, {"period": "1998: 7月17日 - 8月31日", "days": 45, "high": 1186.75, "low": 957.28, "decline": -0.193, "category": "correction", "cause": "", "causeEn": "", "active": false, "recovery_days": 129, "recovery_date": "1998-11-23"}, {"period": "1997: 8月6日 - 8月29日", "days": 23, "high": 960.32, "low": 899.47, "decline": -0.063, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 57, "recovery_date": "1997-10-02"}, {"period": "1997: 2月18日 - 4月11日", "days": 52, "high": 816.29, "low": 737.65, "decline": -0.096, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 76, "recovery_date": "1997-05-05"}, {"period": "1997: 12月5日 - 1998年1月9日", "days": 35, "high": 983.79, "low": 927.69, "decline": -0.057, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 55, "recovery_date": "1998-01-29"}, {"period": "1997: 10月7日 - 10月27日", "days": 20, "high": 983.12, "low": 876.99, "decline": -0.108, "category": "correction", "cause": "", "causeEn": "", "active": false, "recovery_days": 59, "recovery_date": "1997-12-05"}, {"period": "1996: 5月24日 - 7月24日", "days": 61, "high": 678.51, "low": 626.65, "decline": -0.076, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 112, "recovery_date": "1996-09-13"}, {"period": "1994: 2月2日 - 4月4日", "days": 61, "high": 482.0, "low": 438.92, "decline": -0.089, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 377, "recovery_date": "1995-02-14"}, {"period": "1992: 9月14日 - 10月9日", "days": 25, "high": 425.27, "low": 402.66, "decline": -0.053, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 67, "recovery_date": "1992-11-20"}, {"period": "1992: 1月15日 - 4月8日", "days": 84, "high": 420.77, "low": 394.5, "decline": -0.062, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 196, "recovery_date": "1992-07-29"}, {"period": "1991: 8月28日 - 10月9日", "days": 42, "high": 396.64, "low": 376.8, "decline": -0.05, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 76, "recovery_date": "1991-11-12"}, {"period": "1991: 4月17日 - 5月15日", "days": 28, "high": 390.45, "low": 368.57, "decline": -0.056, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 111, "recovery_date": "1991-08-06"}, {"period": "1991: 11月13日 - 11月29日", "days": 16, "high": 397.41, "low": 375.22, "decline": -0.056, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 41, "recovery_date": "1991-12-24"}, {"period": "1990: 7月16日 - 10月11日", "days": 87, "high": 368.95, "low": 295.46, "decline": -0.199, "category": "correction", "cause": "", "causeEn": "", "active": false, "recovery_days": 212, "recovery_date": "1991-02-13"}, {"period": "1989: 10月9日 - 1990年1月30日", "days": 113, "high": 359.8, "low": 322.98, "decline": -0.102, "category": "correction", "cause": "", "causeEn": "", "active": false, "recovery_days": 232, "recovery_date": "1990-05-29"}, {"period": "1987: 8月25日 - 12月4日", "days": 101, "high": 336.77, "low": 223.92, "decline": -0.335, "category": "bear_market", "cause": "", "causeEn": "", "active": false, "recovery_days": 701, "recovery_date": "1989-07-26"}, {"period": "1987: 4月6日 - 5月20日", "days": 44, "high": 301.95, "low": 278.21, "decline": -0.079, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 70, "recovery_date": "1987-06-15"}, {"period": "1986: 9月4日 - 9月29日", "days": 25, "high": 253.83, "low": 229.91, "decline": -0.094, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 89, "recovery_date": "1986-12-02"}, {"period": "1986: 7月2日 - 7月15日", "days": 13, "high": 252.7, "low": 233.66, "decline": -0.075, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 55, "recovery_date": "1986-08-26"}, {"period": "1985: 7月17日 - 9月25日", "days": 70, "high": 195.65, "low": 180.66, "decline": -0.077, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 117, "recovery_date": "1985-11-11"}, {"period": "1983: 6月22日 - 8月8日", "days": 47, "high": 170.99, "low": 159.18, "decline": -0.069, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 110, "recovery_date": "1983-10-10"}, {"period": "1983: 10月10日 - 1984年7月24日", "days": 288, "high": 172.65, "low": 147.82, "decline": -0.144, "category": "correction", "cause": "", "causeEn": "", "active": false, "recovery_days": 469, "recovery_date": "1985-01-21"}, {"period": "1982: 11月9日 - 11月23日", "days": 14, "high": 143.02, "low": 132.93, "decline": -0.07, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 58, "recovery_date": "1983-01-06"}, {"period": "1980: 9月22日 - 9月29日", "days": 7, "high": 130.4, "low": 123.54, "decline": -0.053, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 14, "recovery_date": "1980-10-06"}, {"period": "1980: 11月28日 - 1982年8月12日", "days": 622, "high": 140.52, "low": 102.42, "decline": -0.271, "category": "bear_market", "cause": "", "causeEn": "", "active": false, "recovery_days": 705, "recovery_date": "1982-11-03"}, {"period": "1980: 10月15日 - 10月30日", "days": 15, "high": 133.7, "low": 126.29, "decline": -0.055, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 28, "recovery_date": "1980-11-12"}, {"period": "1973: 1月11日 - 1974年10月3日", "days": 630, "high": 120.24, "low": 62.28, "decline": -0.482, "category": "severe_bear", "cause": "", "causeEn": "", "active": false, "recovery_days": 2744, "recovery_date": "1980-07-17"}, {"period": "1972: 8月14日 - 10月16日", "days": 63, "high": 112.55, "low": 106.77, "decline": -0.051, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 79, "recovery_date": "1972-11-01"}, {"period": "1968: 7月11日 - 8月2日", "days": 22, "high": 102.39, "low": 96.63, "decline": -0.056, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 75, "recovery_date": "1968-09-24"}, {"period": "1968: 11月29日 - 1970年5月26日", "days": 543, "high": 108.37, "low": 69.29, "decline": -0.361, "category": "bear_market", "cause": "", "causeEn": "", "active": false, "recovery_days": 1193, "recovery_date": "1972-03-06"}, {"period": "1967: 9月25日 - 1968年3月5日", "days": 162, "high": 97.59, "low": 87.72, "decline": -0.101, "category": "correction", "cause": "", "causeEn": "", "active": false, "recovery_days": 217, "recovery_date": "1968-04-29"}, {"period": "1967: 5月8日 - 6月5日", "days": 28, "high": 94.58, "low": 88.43, "decline": -0.065, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 84, "recovery_date": "1967-07-31"}, {"period": "1966: 2月9日 - 10月7日", "days": 240, "high": 94.06, "low": 73.2, "decline": -0.222, "category": "bear_market", "cause": "", "causeEn": "", "active": false, "recovery_days": 449, "recovery_date": "1967-05-04"}, {"period": "1965: 5月13日 - 6月28日", "days": 46, "high": 90.27, "low": 81.6, "decline": -0.096, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 137, "recovery_date": "1965-09-27"}, {"period": "1963: 10月28日 - 11月22日", "days": 25, "high": 74.48, "low": 69.61, "decline": -0.065, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 50, "recovery_date": "1963-12-17"}, {"period": "1961: 4月17日 - 4月24日", "days": 7, "high": 68.68, "low": 64.4, "decline": -0.062, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 198, "recovery_date": "1961-11-01"}, {"period": "1961: 12月12日 - 1962年6月26日", "days": 196, "high": 72.64, "low": 52.32, "decline": -0.28, "category": "bear_market", "cause": "", "causeEn": "", "active": false, "recovery_days": 630, "recovery_date": "1963-09-03"}, {"period": "1959: 8月3日 - 1960年10月25日", "days": 449, "high": 60.71, "low": 52.2, "decline": -0.14, "category": "correction", "cause": "", "causeEn": "", "active": false, "recovery_days": 543, "recovery_date": "1961-01-27"}, {"period": "1956: 8月3日 - 1957年10月22日", "days": 445, "high": 49.64, "low": 38.98, "decline": -0.215, "category": "bear_market", "cause": "", "causeEn": "", "active": false, "recovery_days": 782, "recovery_date": "1958-09-24"}, {"period": "1956: 3月20日 - 5月28日", "days": 69, "high": 48.87, "low": 44.1, "decline": -0.098, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 118, "recovery_date": "1956-07-16"}, {"period": "1955: 9月23日 - 10月11日", "days": 18, "high": 45.63, "low": 40.8, "decline": -0.106, "category": "correction", "cause": "", "causeEn": "", "active": false, "recovery_days": 52, "recovery_date": "1955-11-14"}, {"period": "1955: 3月4日 - 3月14日", "days": 10, "high": 37.52, "low": 34.96, "decline": -0.068, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 39, "recovery_date": "1955-04-12"}, {"period": "1955: 1月3日 - 1月17日", "days": 14, "high": 36.75, "low": 34.58, "decline": -0.059, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 32, "recovery_date": "1955-02-04"}, {"period": "1955: 11月14日 - 1956年1月23日", "days": 70, "high": 46.41, "low": 43.11, "decline": -0.071, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 116, "recovery_date": "1956-03-09"}, {"period": "1929: 9月16日 - 1932年6月1日", "days": 989, "high": 31.86, "low": 4.4, "decline": -0.862, "category": "credit_destruction", "cause": "", "causeEn": "", "active": false, "recovery_days": 9137, "recovery_date": "1954-09-22"}, {"period": "1929: 5月3日 - 5月27日", "days": 24, "high": 26.37, "low": 24.2, "decline": -0.082, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 45, "recovery_date": "1929-06-17"}, {"period": "1929: 3月15日 - 3月26日", "days": 11, "high": 26.08, "low": 24.35, "decline": -0.066, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 48, "recovery_date": "1929-05-02"}, {"period": "1929: 2月1日 - 2月15日", "days": 14, "high": 25.84, "low": 24.35, "decline": -0.058, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 42, "recovery_date": "1929-03-15"}, {"period": "1928: 5月14日 - 6月12日", "days": 29, "high": 20.44, "low": 18.34, "decline": -0.103, "category": "correction", "cause": "", "causeEn": "", "active": false, "recovery_days": 106, "recovery_date": "1928-08-28"}, {"period": "1928: 11月30日 - 12月10日", "days": 10, "high": 24.28, "low": 22.31, "decline": -0.081, "category": "mechanical_scare", "cause": "", "causeEn": "", "active": false, "recovery_days": 31, "recovery_date": "1928-12-31"}], "summary": {"totalCount": 73, "medianDays": 34, "medianDecline": -0.082, "maxDecline": -0.862, "maxDuration": 989, "bearMarkets": 12}, "categories": [{"id": "mechanical_scare", "name": "技术性惊吓", "range": "5%-10%", "duration": "1-4周", "color": "#faad14"}, {"id": "narrative_break", "name": "叙事崩塌", "range": "7%-15%", "duration": "1-3个月", "color": "#fa8c16"}, {"id": "policy_shift", "name": "政策逆流", "range": "15%-25%", "duration": "3-10个月", "color": "#f5222d"}, {"id": "credit_destruction", "name": "信用崩塌", "range": "40%-60%", "duration": "1.5-2.5年", "color": "#820014"}, {"id": "exogenous_shock", "name": "外生冲击", "range": "极深但恢复快", "duration": "不确定", "color": "#722ed1"}]}