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S&P 500 vs. NBER Recessions

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S&P 500 daily close with NBER recession months highlighted in coral.

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What this chart shows
Methodology

S&P 500 daily close (Yahoo ^GSPC, 1927-present) overlaid with the NBER recession indicator (FRED USREC, monthly, forward-filled to daily). The recession line is the SPX value drawn in coral only on recession months — visually colours those periods red.