Which 1973–1974 market crash followed the end of the postwar bull market and included a 45% fall in the Dow?

The 1973–1974 stock market crash was the major bear market that followed the end of the postwar bull market and included a roughly 45% fall in the Dow Jones Industrial Average.

The downturn developed amid inflation, recession, the 1973 oil crisis, political uncertainty, and the collapse of confidence in major companies. In the United States, the Watergate scandal added to investor anxiety. From its January 1973 peak to its October 1974 low, the Dow lost about 45% of its value, while many shares experienced even steeper declines.

The crash affected markets in the United States, the United Kingdom, and other countries. It is sometimes grouped with the 1970s energy and inflation crises, but it was not caused by oil prices alone. The bear market ended during a period of severe economic strain, with high unemployment and inflation occurring together. That combination later became known as stagflation and shaped monetary and political debates for much of the decade.