The Dow Jones Industrial Average fell nearly 89% from its 1929 peak to its 1932 low.
The Dow reached a closing high of 381.17 on September 3, 1929, before the market entered a prolonged collapse. It eventually closed at 41.22 on July 8, 1932. Comparing those closing levels produces a decline of about 89%, making it one of the deepest losses in the index’s history.
The fall was not a single uninterrupted plunge. There were powerful rallies, including a major rebound after the initial October panic, but the broader trend remained downward. Banking failures, debt contraction, falling prices, and reduced business activity reinforced one another.
The 89% figure describes the Dow’s peak-to-trough decline, not the loss suffered by every investor or the percentage drop on one day. It is also distinct from the 1929 crash’s initial October losses, which were severe but much smaller than the complete decline through 1932.