The Dow Jones Industrial Average reached a low closing level of 41.22 during the 1929–1932 crash.
The low occurred on July 8, 1932, nearly three years after the market’s famous October 1929 breakdown. From its September 3, 1929 peak of 381.17, the Dow had fallen almost 89%, showing that the crash was a prolonged bear market rather than a single day of panic.
The decline unfolded alongside bank failures, falling production, deflation, unemployment, and collapsing business confidence. Government policy and international economic pressures also shaped the Depression. The stock-market fall was a major part of the disaster, but it was not the sole cause of every economic problem.
The Dow did not regain its September 1929 closing high until November 23, 1954. This long recovery period is why the 1929 crash is often compared with later crashes: later markets experienced severe losses, but generally recovered their former peaks much faster.