The Dow Jones Industrial Average fell approximately 89% from its 1929 peak to its 1932 trough.
The market reached a pre-crash high in September 1929, then suffered repeated waves of selling. Although the spectacular October sessions attracted the most attention, the decline continued for years. The Dow ultimately reached its low in July 1932, losing nearly nine-tenths of its peak value.
This figure describes the full bear market, not merely the percentage lost on Black Tuesday or another single session. That distinction matters because the 1929 crash is often reduced to a few dramatic dates even though the broader collapse was prolonged.
The market’s recovery was also slow. The Dow did not regain its 1929 closing high until 1954. Factors surrounding the wider depression included bank failures, falling production, deflation, weak demand, and financial distress, so the stock decline was part of a much larger economic crisis.