During the 1973–1974 bear market, the S&P 500 lost about 48% from peak to trough.
The decline began after the U.S. market reached a high in January 1973 and continued until October 1974. The period combined inflation, slowing economic growth, political uncertainty, and the effects of the 1973 oil crisis. Rising energy prices increased costs for businesses and households and contributed to wider economic stress.
The S&P 500 fell roughly 48.2% on a price basis between its peak and trough. Such measurements can vary slightly depending on whether a source uses closing prices, intraday prices, or includes dividends, so “about 48%” is the standard rounded description.
The crash is sometimes described simply as the 1973–1974 stock market crash, although it was a prolonged bear market rather than one single day. The Watergate scandal and the resignation of President Richard Nixon in August 1974 added to the era’s political uncertainty.