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    S&P 500

    Also known as S&P 500 Index, SPX, Standard & Poor's 500

    The S&P 500 is a stock index of 500 large US companies listed on the NYSE or Nasdaq, widely used as a gauge of the US large-cap stock market.[1] It is weighted by float-adjusted market value, so the biggest companies move it most.[2] It closed at a record 7,818.93 on October 6, 2026 and at 7,811.54 on October 9, about 14% above its 2025 close.[3][4]

    Editor reviewedStrict sourcingUpdated Markets and trading
    Key facts

    The S&P 500 is the most widely used yardstick for large US stocks. It holds 500 companies listed on the NYSE or Nasdaq and covers about 75% of US equities by FRED’s description.[1] This page explains how the index is built and records dated levels from 2026. It is not financial advice.

    How the index is built

    S&P Dow Jones Indices calculates and publishes the index. It is a joint venture majority-owned by S&P Global, with CME Group as the minority owner.[5] To qualify, a company must meet size and other rules. An April 2026 SEC filing gives the minimum company-level market capitalization as $20.5 billion.[6]

    The index is weighted by float-adjusted market capitalization, meaning the market value of shares actually available to trade. Its daily level is that total value divided by a divisor.[2] The result is that a handful of very large companies can move the whole index. Performance is measured against a base period of 1941 to 1943.[6]

    The figure quoted in the news is a price index of daily closing values. A separate total return index adds back dividends.[7] The Dow Jones Industrial Average works differently. It is a price-weighted index of 30 stocks chosen by a committee.[8] The explainer on indexes covers these differences.

    Where it stood in 2026

    The S&P 500 ended 2025 at 6,845.50.[9] It reached 6,978.60 on January 27, 2026.[10] It then fell after the United States and Israel began strikes on Iran on February 28 and Iran effectively closed the Strait of Hormuz.[11] Its lowest close of the year to date was 6,343.72 on March 30, about 9.1% below the January 27 close.[12]

    A ceasefire on April 8 started a recovery.[13] The index closed above 7,000 for the first time on April 15.[14] It set a record close of 7,818.93 on October 6, 2026 and closed at 7,811.54 on October 9.[3][15] That left it about 14.1% above its 2025 close.[4] The full dated record, including sell-offs, is in the US stock market 2026 tracker.

    What has driven it

    The New York Fed’s markets desk told policymakers in September 2026 that the year’s gain in equity prices came entirely from strong actual and expected earnings, while price-to-earnings multiples had fallen.[16] Companies that benefit directly from AI infrastructure spending outperformed the rest of the market. CNBC described the October record as led by a narrow group of AI-linked stocks.[17]

    Interest rates matter too. The Federal Reserve says rate changes affect stock prices by changing how attractive stocks are compared with other investments.[18] In 2026 the 10-year Treasury yield rose from 4.19% to above 5.3%.[19] In September the Fed raised its policy rate for the first time since 2023.[20][21] See federal-reserve and the 2026 rate decisions tracker.

    Investing through index funds

    You cannot invest directly in an index. Index funds that track it give indirect exposure.[22] They generally follow a passive strategy, which may keep costs down, but they carry the same general risks as the securities in the index.[23]

    Questions readers ask

    What is the S&P 500?

    An index of 500 large US companies listed on the NYSE or Nasdaq. FRED describes it as a gauge of the large-cap US equity market covering about 75% of US equities.[1]

    How is the S&P 500 weighted?

    By float-adjusted market capitalization. The index level is the total float-adjusted market value of its members divided by a divisor, so larger companies have more influence.[2]

    What was the S&P 500's record close as of October 2026?

    7,818.93 on October 6, 2026, its first close above 7,800. It closed at 7,811.54 on October 9.[3][15]

    Does the S&P 500 include dividends?

    The headline index is a price index of daily closes. A separate total return version takes dividends into account.[7]

    Can I buy the S&P 500 directly?

    No. You cannot invest directly in an index, but index funds that track it offer indirect exposure and carry the same general risks as the stocks they hold.[22][23]

    Sources

    Each numbered claim is a statement we checked against the sources listed with it. Status shows how well established it is.

    1. [1]

      The S&P 500 tracks 500 large US companies listed on the NYSE or Nasdaq and is regarded as a gauge of the large-cap US equity market. confirmedas of 2026-10-10

    2. [2]

      The S&P 500 is weighted by float-adjusted market capitalization, so larger companies move the index more; its level is total float-adjusted market value divided by a divisor. confirmedas of 2026-10-10

    3. [3]

      On October 6, 2026 the S&P 500 set a record close of 7,818.93, its first close above 7,800, and a record intraday high of 7,844.52, while the 10-year Treasury yield eased to 5.27% from 5.31%. confirmedas of 2026-10-06

    4. [4]

      From its 2025 close of 6,845.50 to 7,811.54 on October 9, 2026, the S&P 500 price index rose about 14.1%. confirmedas of 2026-10-09

    5. [5]

      The S&P 500 is calculated and published by S&P Dow Jones Indices, a joint venture majority-owned by S&P Global with CME Group as minority owner. confirmedas of 2026-04-08

    6. [6]

      As described in an April 2026 SEC filing, S&P 500 components must have a company-level market capitalization of at least $20.5 billion, and the index is measured against a 1941-43 base period. confirmedas of 2026-04-08

    7. [7]

      The headline S&P 500 level is a price index of daily closing values and does not include dividends. confirmedas of 2026-10-10

    8. [8]

      The Dow Jones Industrial Average is a price-weighted index of 30 stocks chosen by a committee, also published by S&P Dow Jones Indices. confirmedas of 2026-04-08

    9. [9]

      The S&P 500 closed 2025 at 6,845.50 on December 31, 2025. confirmedas of 2025-12-31

    10. [10]

      The S&P 500 closed at 6,978.60 on January 27, 2026, its highest close before the Iran-war sell-off; CNN described its peak as late January. confirmedas of 2026-03-27

    11. [11]

      The United States and Israel began strikes on Iran on February 28, 2026, and Iran effectively closed the Strait of Hormuz, a route for about one-fifth of the world's oil and gas. confirmedas of 2026-04-08

    12. [12]

      The S&P 500's lowest close of 2026 through October 9 was 6,343.72 on March 30, about 9.1% below the January 27 close. confirmedas of 2026-10-09

    13. [13]

      On April 8, 2026, after President Trump agreed to a two-week pause in attacks on Iran, the S&P 500 rose more than 2% to 6,782.81 and US crude futures fell about 16.5%. confirmedas of 2026-04-08

    14. [14]

      The S&P 500 closed above 7,000 for the first time on April 15, 2026, at 7,022.95. confirmedas of 2026-04-15

    15. [15]

      The S&P 500 closed at 7,811.54 on October 9, 2026. confirmedas of 2026-10-09

    16. [16]

      The New York Fed's markets desk told the FOMC in September 2026 that the year's rise in equity prices was entirely due to strong actual and expected earnings, while price-to-earnings multiples had declined. confirmedas of 2026-09-16

    17. [17]

      CNBC reported that the S&P 500's October record was led by chipmakers and a narrow group of AI-linked stocks, and the New York Fed's markets desk told the FOMC in September that AI-infrastructure beneficiaries had outperformed the rest of the market. confirmedas of 2026-10-07

    18. [18]

      The Fed says changes in interest rates tend to affect stock prices by changing how attractive equities are relative to other investments, and also move house prices and the dollar. confirmedas of 2026-10-10

    19. [19]

      The 10-year Treasury par yield rose from 4.19% on January 2, 2026 to 5.31% on October 5 and stood at 5.24% on October 9. confirmedas of 2026-10-09

    20. [20]

      On September 16, 2026 the FOMC unanimously raised the federal funds target range by a quarter point to 3.75-4.00%, saying the move would support a timelier return to 2% inflation. confirmedas of 2026-09-16

    21. [21]

      Before September 2026, the Fed's most recent rate increase was in July 2023, when it raised the target range to 5.25-5.5%. confirmedas of 2026-10-06

    22. [22]

      A market index measures a basket of securities; investors cannot buy an index directly but can hold index funds that track one. confirmedas of 2026-10-10

      • Index Funds · U.S. Securities and Exchange Commission (Investor.gov) (retrieved 2026-10-10)
    23. [23]

      Index funds generally follow a passive strategy, which may lower costs, but they carry the same general risks as the securities in the index they track. confirmedas of 2026-10-10

      • Index Funds · U.S. Securities and Exchange Commission (Investor.gov) (retrieved 2026-10-10)
      • Index Funds · U.S. Securities and Exchange Commission (Investor.gov) (retrieved 2026-10-10)
    Revision history (1)
    1. Page created.

    Created Oct 10, 2026. Last reviewed by an editor on Oct 10, 2026. Next scheduled review: Nov 10, 2026.

    Cite this page

    "S&P 500." ContentLora, updated Oct 10, 2026. https://contentlora.com/wiki/s-and-p-500

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