Which 1973 stock-market crash formed part of a long bear market ending in 1974 after the oil shock?

The 1973–1974 stock-market crash formed part of a long bear market that ended in 1974 after the oil shock.

The decline followed a period of inflation, slowing economic growth, political uncertainty, and falling confidence in corporate profits. The 1973 oil crisis intensified the damage: after the Yom Kippur War, Arab members of OPEC imposed an oil embargo on several countries, and oil prices rose sharply.

The Dow Jones Industrial Average fell from its January 1973 high to its December 1974 low. The sell-off affected the United States and other major markets, while inflation and recession created the difficult combination later called stagflation.

The crash is sometimes treated as a single event, but it was a prolonged bear market rather than one famous trading day. Watergate, the resignation of President Richard Nixon in 1974, and banking and currency pressures added to uncertainty. The market eventually began a sustained recovery after the 1974 low.