The Dow Jones Industrial Average's lowest closing level during the 1929–1932 bear market was 41.22.
The Dow reached that closing low on July 8, 1932, after nearly three years of falling share prices. From its September 3, 1929 peak of 381.17, the index lost almost 89% of its value. The decline reflected the wider economic collapse associated with the Great Depression, including banking failures, deflation, falling production, unemployment, and reduced consumer demand.
The 1932 low was not the end of the economic hardship, but it marked the stock market's trough for that bear market. The Dow later recovered over many years, eventually surpassing its 1929 peak in 1954. This long recovery period helps distinguish the episode from shorter market corrections.
Historical comparisons can be confusing because modern indexes and market structures differ from those of the early twentieth century. The figure 41.22 is the unadjusted closing value reported for the Dow on that date, not an inflation-adjusted measure or a percentage loss.