The S&P 500 fell approximately 48% from peak to trough during the 1973–74 stock-market crash.
The decline ran from January 11, 1973, to October 3, 1974. The crash occurred amid the end of the postwar economic boom, high inflation, recession, political uncertainty, and the 1973 oil crisis. The Watergate scandal also damaged confidence in the United States during the period.
The S&P 500 lost nearly half its value, while many other major markets also suffered. The bear market was not caused by one isolated trading session, unlike the dramatic one-day percentage collapse of 1987. It is also distinct from the 1970s' broader economic difficulties, which continued after the index reached its 1974 low. The S&P 500 tracks large U.S. companies and is widely used as a benchmark for the American stock market.