The Dow Jones Industrial Average lost nearly 89% from its 1929 peak to its 1932 trough.
The index reached a peak of 381.17 on September 3, 1929. It eventually fell to 41.22 on July 8, 1932, a decline of roughly 89%. This was far deeper than the losses recorded during the dramatic October 1929 sessions alone, because the bear market continued for almost three years.
The fall reflected a mixture of excessive speculation, purchases made on margin, weakening economic activity, bank failures, and shrinking business investment. The crash helped destroy confidence, but it did not by itself explain every feature of the Great Depression. Monetary policy, financial instability, and international economic problems also played major roles.
The Dow did not regain its September 1929 closing high until November 1954. That long recovery period is why the 1929–1932 collapse is often treated as the benchmark against which later stock-market crashes are compared. The figure refers to the index’s peak-to-trough decline, not a single day’s movement.