The 1973–1974 U.S. bear market saw the S&P 500 fall by approximately 48%.
From its January 1973 peak to its October 1974 low, the S&P 500 declined about 48%. The period is commonly called the 1973–1974 stock-market crash or bear market. It unfolded amid inflation, recession, political turmoil and severe energy disruption after the 1973 oil crisis.
The market decline followed the end of the long postwar expansion. The collapse of Bretton Woods, rising oil prices and policy uncertainty added pressure to company profits and investor confidence. The Watergate scandal also contributed to the unsettled political environment in the United States.
The exact percentage can vary slightly depending on whether researchers use closing or intraday prices and which market dates they select. The widely cited figure is approximately 48%, not an exact universal measurement. The Dow also fell substantially during the same period.