The S&P 500 declined approximately 48 percent during the 1973–1974 bear market.
The downturn began after the market peak in January 1973 and reached its low in October 1974. The S&P 500 fell from about 120 to roughly 62, a decline close to 48 percent. The period is one of the deepest postwar U.S. stock-market falls when measured from peak to trough.
Several pressures overlapped. The United States experienced high inflation, economic stagnation, and rising unemployment. The 1973 oil crisis followed the Arab oil embargo, sending energy prices higher. The Watergate scandal and President Richard Nixon’s resignation in August 1974 further weakened confidence, while tight monetary conditions pressured businesses and investors.
The phrase “1973–1974 crash” can refer to the broader bear market rather than a single trading day. Percentage figures vary slightly depending on whether a source uses closing prices, intraday levels, or a different index. The S&P 500’s peak-to-trough loss is commonly rounded to 48 percent.