The Dow Jones Industrial Average’s record closing level before the 1929 crash was 381.17.
The Dow reached that closing peak on September 3, 1929, after a prolonged bull market during the 1920s. Investors had increasingly bought shares with borrowed money, a practice known as buying on margin, which magnified both gains and losses.
The index began to weaken during September and October. Although several rallies temporarily restored confidence, heavy selling intensified late in October, producing Black Thursday, Black Monday, and Black Tuesday. The Dow did not regain its 1929 closing high until 1954.
The 381.17 figure is a closing value, not the highest intraday quotation. It is also distinct from later versions of the Dow calculated with modern adjustments. The historical number is commonly used to mark the market’s pre-crash peak.