The Dow Jones Industrial Average lost about 89% from its 1929 peak to its 1932 low during the Wall Street Crash era.
The Dow peaked at 381.17 on September 3, 1929, before the market’s dramatic collapse. It eventually reached 41.22 on July 8, 1932, making the peak-to-trough decline roughly 89%. This was one of the deepest stock-market collapses in modern history.
The crash unfolded over several years rather than in one day. Major selling in October 1929 was followed by further declines, temporary rallies, bank failures, and broader economic contraction.
The figure is often confused with the roughly 50% decline in the Dow during the 2008 financial crisis or the approximately 34% S&P 500 decline during the COVID-19 bear market. It also measures the Dow, not every American share or the entire economy.