The Dow Jones Industrial Average fell approximately 89% from its 1929 peak to its 1932 trough during the Wall Street Crash era.
The Dow reached a closing high of 381.17 on September 3, 1929. After the dramatic October sell-off, it continued declining through bank failures, deflation, falling production, and collapsing confidence. The index reached a low of 41.22 on July 8, 1932, representing a fall of about 89%.
The decline was exceptionally prolonged: the market did not merely suffer a single day of panic. Many investors had purchased shares with borrowed money, so falling prices produced forced selling and magnified losses. The economic consequences extended far beyond Wall Street and became part of the Great Depression.
The Dow eventually recovered its 1929 closing high in 1954. The 89% figure describes the index’s peak-to-trough movement, not the loss suffered by every investor or every listed company.