The Dow Jones Industrial Average lost nearly 89% from its 1929 peak to its 1932 trough during the Wall Street Crash era.
The index reached a closing high of 381.17 on September 3, 1929. After the October panic, it continued falling as the wider U.S. economy deteriorated. The Dow reached a closing low of 41.22 on July 8, 1932, which represented a decline of roughly 89% from the 1929 peak.
This figure describes the full peak-to-trough bear market, not just the losses during October 1929. That distinction matters: the crash was a concentrated episode of panic, while the market’s collapse continued for almost three years. The Dow’s fall also should not be confused with a loss of 89% in every individual share; companies experienced very different outcomes.
The index eventually recovered its previous closing high in November 1954. Historians connect the prolonged decline with banking problems, deflation, reduced production, and falling consumer demand rather than with one isolated trading session.