During the 1973–1974 bear market, on what date did the S&P 500 reach its closing low?

During the 1973–1974 bear market, the S&P 500 reached its closing low on October 3, 1974.

The market decline followed years of inflationary pressure, economic weakness, political uncertainty, and the 1973 oil crisis. From its January 1973 peak to the October 1974 low, the S&P 500 lost approximately 48% of its value, making the period one of the harshest U.S. bear markets since the Great Depression.

The crisis unfolded during the Watergate era and after the United States ended the Bretton Woods system’s fixed-dollar convertibility into gold. Rising oil prices after the Yom Kippur War added to inflation and recession fears.

The date identifies the closing low, not necessarily the lowest intraday quotation. That distinction matters because financial indexes can record a lower trading level during a session and finish above it.