The Dow Jones Industrial Average finally recovered its 1929 peak in 1954 after the Wall Street Crash.
The recovery took roughly a quarter-century because the market suffered several severe declines after its 1929 high. The Great Depression reduced economic activity, while the banking crisis and deflation damaged businesses and household finances. World War II and its aftermath also shaped the long path back to the earlier level.
The Dow’s return to its old nominal peak does not mean investors had fully recovered in real terms. Inflation, dividends, and the purchasing power of money affect comparisons between different decades. The index itself also changed over time as companies were added and removed.
This fact is often confused with the market’s earlier rebounds during the 1930s. Those rallies were temporary; 1954 is the year associated with the Dow’s sustained return to its 1929 high.