It took the Dow Jones Industrial Average 25 years to regain its 1929 peak.
The Dow reached its pre-crash closing high on 3 September 1929. After the market collapse and the wider Great Depression, it did not return to that level until 23 November 1954. The long recovery period shows why a crash cannot be judged only by the first day’s percentage loss: economic contraction, bank failures, unemployment, deflation, and international events prolonged the damage.
The 1929 crash included several dramatic sessions, notably Black Thursday on 24 October and Black Tuesday on 29 October. However, the market’s subsequent decline continued into the early 1930s. The Dow eventually fell about 89% from its 1929 peak to its 1932 low.
The 25-year figure refers to recovery of the nominal index level. It does not mean every investor waited exactly 25 years, because dividends, different purchase dates, and other investments change individual outcomes. It also should not be confused with recovery of the broader economy, which followed its own uneven path.