The Dow Jones Industrial Average reached its low from the 1929 Wall Street Crash on July 8, 1932.
The index closed that day at 41.22, far below its peak close of 381.17 reached on September 3, 1929. The fall represented a loss of almost 89% from peak to trough.
The market’s collapse occurred alongside the wider Great Depression. Unemployment rose, banks failed, industrial production contracted, and deflation increased the burden of existing debts. The stock-market crash was therefore part of a much broader economic crisis.
The Dow did not regain its 1929 closing high until November 1954. The long recovery is one reason the 1932 trough remains a standard reference point in financial history.