The 1973–1974 crash included a 694-day decline in the Dow Jones Industrial Average.
The bear market began after the Dow Jones Industrial Average peaked in January 1973 and continued until its low in December 1974. The index lost about 45% from peak to trough, making the episode one of the most severe U.S. market declines since the Great Depression.
Several forces contributed to the downturn, including the 1973 oil crisis, high inflation, slowing economic growth, and political uncertainty connected with the Watergate scandal. The collapse of Bretton Woods and changing monetary conditions also formed part of the broader economic background.
The 694-day figure measures the length of the Dow’s peak-to-trough decline, not the number of consecutive trading days with falling prices. The crash is also sometimes called the 1973–1974 bear market, and it affected markets outside the United States as well.