Which 1973–74 market crash followed the 1973 oil crisis and ended with the Dow down about 45%?

The 1973–74 stock market crash followed the 1973 oil crisis and ended with the Dow down about 45%.

The decline ran from January 1973 to December 1974. The Dow Jones Industrial Average fell from a closing high of 1,051.70 on 11 January 1973 to 577.60 on 6 December 1974, a drop of roughly 45%.

The crash unfolded amid high inflation, recession, monetary tightening, and the 1973 oil shock. The Watergate scandal and political uncertainty further damaged investor confidence in the United States. Britain and other markets also experienced severe declines during the same broad period.

The episode is sometimes described as a bear market rather than a single-day crash because it developed over nearly two years. It is also distinct from the 1970 decline, which was shorter and less severe.