Which 1970s crisis saw the Dow Jones Industrial Average lose about 45% between January 1973 and December 1974?

The 1973–1974 stock market crash saw the Dow Jones Industrial Average lose about 45% between January 1973 and December 1974.

The decline took place during a period of severe economic and political stress. The collapse of the Bretton Woods monetary arrangements, high inflation, recession, political uncertainty surrounding Watergate, and the 1973 oil crisis all undermined investor confidence.

The Arab oil embargo began in October 1973 after the Yom Kippur War, sending energy prices sharply higher and worsening inflation in oil-importing countries. The United States then experienced stagflation: weak growth combined with rising prices and unemployment.

The crash is sometimes confused with the 1973 oil crisis itself. The oil shock was one major cause of the broader economic turmoil, while the stock-market crash describes the sustained fall in share prices. The bear market ended in December 1974, when the Dow reached its low for the episode.