The Dow Jones Industrial Average reached its low during the 1973–1974 stock-market crash on December 6, 1974.
The crash was part of a broad bear market that began after the Dow’s January 1973 peak. By the December 1974 low, the index had lost roughly 45% of its value. The downturn affected major markets in the United States and other countries and was one of the most severe postwar market declines at that time.
Several pressures contributed to the bear market, including high inflation, the 1973 oil crisis, recession, and political uncertainty connected with the Watergate scandal. The December 6 low is often cited as the endpoint of the crash, although different financial measures can use slightly different dates or peak-to-trough calculations. It is distinct from the 1973 oil embargo itself, which was an economic shock that helped intensify the market decline.