Which 1937 U.S. stock-market crash occurred during a sharp recession within the Great Depression?

The U.S. stock-market crash during the sharp 1937–1938 recession was the 1937 stock-market crash.

After several years of recovery from the early Great Depression, U.S. economic activity weakened again in 1937. Industrial production and employment fell, while stock prices declined substantially from their 1937 high. The downturn became one of the most severe recessions in U.S. history, though it was shorter than the initial Depression collapse.

Historians and economists identify several contributing factors, including tighter fiscal and monetary conditions, reduced government spending, higher reserve requirements, and the effects of New Deal policies on business expectations. The episode is sometimes called the “Roosevelt Recession” because it occurred during Franklin D. Roosevelt’s presidency. It should not be confused with the 1929 Wall Street crash, which began the earlier and much longer collapse associated with the Great Depression.