What event is commonly called the 1973–1974 stock-market crash?

The 1973–1974 stock-market crash is commonly called the 1973–1974 bear market.

Major stock indexes fell as the global economy faced a combination of inflation, recession, political uncertainty, and an oil shock. The Yom Kippur War in October 1973 led Arab members of OPEC to impose an oil embargo on countries supporting Israel, sending energy prices sharply higher.

In the United States, the Watergate scandal further damaged confidence. The S&P 500 declined substantially from its January 1973 peak to its October 1974 low, while Britain and other markets also suffered severe falls. Rising prices and weak growth created the condition later known as stagflation.

The episode is sometimes blended with the 1970 market decline, but the 1973–1974 bear market was a separate and longer downturn. It ended before the major disinflation and strong equity expansion of the 1980s.