Which 1970s stock-market crash followed the 1973 oil crisis and helped define a long global bear market?

The 1973–1974 stock market crash followed the 1973 oil crisis and marked a major global bear market.

The crash developed amid high inflation, weak economic growth, monetary tightening, and political shocks. The Yom Kippur War led Arab members of OPEC to impose an oil embargo, causing energy prices to rise sharply. The Watergate scandal and the resignation of U.S. President Richard Nixon added to uncertainty.

From January 1973 to October 1974, the Dow Jones Industrial Average lost about 45 percent. Major markets in Britain, Japan, and other countries also suffered substantial declines. The episode formed part of the broader economic troubles often associated with the 1970s stagflation era.

It is sometimes grouped with the 1973 oil crisis, but the oil shock and the stock-market crash were not identical events. The crash describes the collapse in equity prices, while the oil crisis describes the disruption and price surge in global petroleum markets.