The Dow Jones Industrial Average’s pre-crash high was 381.17, reached on September 3, 1929.
That closing level marked the peak of the speculative boom that preceded the Wall Street Crash. The 1920s had brought strong industrial growth, widespread optimism, and expanding use of borrowed money to buy shares. As prices climbed faster than many companies’ underlying earnings, the market became increasingly vulnerable to a loss of confidence.
After the September peak, the Dow began a volatile decline. October’s dramatic sessions attracted worldwide attention, but the market did not hit its ultimate low until July 8, 1932, when it closed at 41.22. The fall from the 1929 high to that low was about 89%.
The 381.17 figure is a historical index level, not a percentage or a modern inflation-adjusted value. The Dow has been changed over time through additions, removals, and corporate adjustments, so comparisons with today’s index require care.