The Dow Jones Industrial Average reached its lowest point of the 1929–1932 crash in July 1932.
The market’s collapse continued long after the dramatic trading sessions of October 1929. From its September 1929 peak, the Dow ultimately lost almost 89% before reaching its low on July 8, 1932. That prolonged decline reflected the interaction of financial panic with a deepening economic depression.
Banks failed, industrial production contracted, unemployment rose, and deflation increased the real burden of debt. Falling share prices damaged household wealth and corporate finance, but the economic crisis had multiple causes beyond the stock market itself.
The July 1932 low was not the end of every financial problem. The United States remained in the Great Depression for years, and the Dow did not regain its 1929 closing high until 1954. This distinction matters: the initial crash happened in 1929, while the market’s ultimate trough arrived nearly three years later.