Which 1973–1974 stock-market crash followed the 1973 oil crisis and ended with a steep bear market?

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

From January 1973 to December 1974, the Dow Jones Industrial Average lost about 45% of its value. The decline occurred amid high inflation, recession, political uncertainty, and the energy shock that followed the Yom Kippur War. The oil embargo imposed by Arab members of OPEC began in October 1973.

The United States also faced the Watergate scandal and President Richard Nixon’s resignation in August 1974. These events weakened confidence, but the crash had multiple causes rather than one trigger. Rising prices and slowing growth created the condition later known as stagflation.

The bear market was severe across major financial centers, not just New York. It is often confused with the 1970 crash, but the 1973–1974 episode lasted longer and was closely associated with the oil shock and the wider economic crisis.