Although it HAS dropped below that in the past 12 months, it's still trending up (almost 20%) over the past year.... The top 3 companies that comprise the S&P are strong, and take up almost 50% of the whole index which include sectors of Information Tech, Healthcare, and Financials. The dip happened right about the time the Feds posted thier 4th rate hike of .75 bias points back in Sept. So, I think this was the catalyst that brought it down temporarily. So, looking forward, the last Fed reserve meeting did not raise or lower the Fed reserve rate. Which is good. They are seeing a cooling on inflation. Thier plan is to monitor this "cooling off", and ideally start lowering it back down. So, hopefully, we'll still see growth in the S&P in the future.