Which 1973–1974 bear market followed the oil crisis and ended with a major Dow decline?

The 1973–1974 bear market that followed the oil crisis was the 1973–1974 stock market crash.

The decline unfolded amid the 1973 oil crisis, high inflation, recession, political uncertainty, and the breakdown of the postwar Bretton Woods monetary arrangements. The Watergate scandal and the resignation of President Richard Nixon in August 1974 added to investor anxiety. From its January 1973 peak to its December 1974 low, the Dow Jones Industrial Average lost about 45%.

The oil crisis began after Arab members of OPEC introduced an oil embargo against countries seen as supporting Israel during the Yom Kippur War. Energy prices rose sharply, worsening inflation and reducing consumer purchasing power in importing economies.

Unlike Black Monday in 1987, this was a prolonged bear market lasting roughly two years. It is also often discussed as part of the broader stagflation crisis of the 1970s.