Which 1973–1974 crash saw the Dow Jones Industrial Average lose about 45% from its January 1973 peak?

The 1973–1974 stock market crash saw the Dow Jones Industrial Average lose about 45% from its January 1973 peak.

The decline unfolded over almost two years and reflected a difficult combination of economic and political pressures. The collapse of the Bretton Woods monetary system, high inflation, the 1973 oil crisis, recession, and the Watergate scandal all damaged investor confidence. The bear market reached a major low in December 1974.

The episode affected markets beyond the United States and occurred during a period of severe inflation and weak economic growth often described as stagflation. Oil prices rose sharply after the Yom Kippur War, adding to costs for businesses and consumers.

It is sometimes confused with a single-day crash such as Black Monday. Unlike a sudden one-session plunge, this was a prolonged bear market lasting from 1973 into 1974.