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US Stock Market Real from 1870

Each data point in the graph represents a month in the stock market and is the average of the daily closing prices of the S&P 500 for that month adjusted for inflation by the consumer price index. The data before the existence of the S&P 500 was calculated by Cowles and Associates using the methodology of the S&P 500. In 1870 there were only 10 stocks in the index.