Which 1973–1974 stock-market collapse followed the oil shock and ended with the Dow Jones Industrial Average nearly halved?

The 1973–1974 stock-market collapse followed the oil shock and ended with the Dow Jones Industrial Average nearly halved.

The decline began amid economic and political strains, including high inflation, slowing growth, the 1973 oil crisis, and the collapse of the Bretton Woods fixed-exchange-rate system. The Watergate scandal and uncertainty surrounding U.S. policy further damaged investor confidence.

From its peak in January 1973 to its low in December 1974, the Dow Jones Industrial Average lost about 45 percent. The broader U.S. bear market was especially painful because inflation reduced the real value of investment returns while unemployment and recession increased.

This crash is distinct from Black Monday in 1987, which was much sharper in a single session. It is also different from the 1970s oil shock itself: the oil-price surge was an important cause of the economic stress, not the name of the stock-market decline.