The U.S. stock market reached its post-1929 crash low in July 1932.
The Dow Jones Industrial Average closed at 41.22 on July 8, 1932, roughly 89 percent below its September 1929 peak. The long decline showed that the 1929 crash was not a single-day event; prices continued falling amid bank failures, shrinking credit, unemployment, and collapsing production.
The July 1932 low is commonly used as the bottom of the bear market associated with the Great Depression. The Dow later recovered, but it did not regain its September 1929 closing high until November 1954, illustrating the extraordinary duration of the recovery.
A frequent mix-up is treating Black Tuesday as the market’s final low. October 1929 marked the most famous initial collapse, whereas July 1932 marked the much later trough in the Dow’s decline.