The Dow Jones Industrial Average reached its lowest closing level of the Great Depression-era crash on July 8, 1932.
The market did not stop falling after the dramatic sessions of October 1929. The Dow continued to decline as bank failures, deflation, unemployment, industrial contraction, and collapsing confidence damaged the U.S. economy. By July 1932, it had lost almost 89% from its September 1929 peak.
The July 8 low was about 41 points, a tiny figure compared with modern index levels. That number should not be compared directly with today’s Dow without considering the index’s changing composition and its point-based, not inflation-adjusted, scale.
The market eventually began a powerful recovery, although the broader Depression continued for years. The Dow did not regain its 1929 closing high until 1954, making the episode far longer than a single autumn panic.