Which 1973–1974 market decline followed the collapse of the Bretton Woods system and the 1973 oil crisis?

The 1973–1974 stock market crash was the major market decline that followed the collapse of Bretton Woods and the 1973 oil crisis.

The Dow Jones Industrial Average peaked in January 1973 and then fell amid inflation, slowing economic growth, political uncertainty, and rising energy prices. In October 1973, Arab members of OPEC announced an oil embargo against countries supporting Israel in the Yom Kippur War. Oil prices surged, intensifying inflation and threatening economies dependent on imported energy.

The United States also faced the end of the Bretton Woods system, which had linked major currencies to the dollar under a framework created after World War II. The Dow reached its bear-market low on December 6, 1974, about 45 percent below its January 1973 peak.

The crash is sometimes reduced to the oil embargo alone, but several forces were involved. It was also distinct from the 1970s inflation crisis as a whole: inflation, recession, monetary policy, and geopolitical events interacted over an extended period.