Which 1973–74 stock-market crash followed the 1973 oil crisis and ended with a roughly 45% fall in the Dow?

The 1973–74 stock-market crash followed the 1973 oil crisis and ended with a roughly 45% fall in the Dow Jones Industrial Average.

From January 1973 to December 1974, the Dow declined about 45%, while many other markets also suffered. The period combined high inflation, weak economic growth, political uncertainty, and the effects of the 1973 oil shock. The Watergate crisis in the United States further damaged confidence, although the crash had multiple economic causes.

The oil crisis began after Arab oil-producing states imposed an embargo on countries supporting Israel during the Yom Kippur War. Oil prices rose sharply, increasing costs for businesses and households. At the same time, the United States was experiencing inflation and recession, a combination later known as stagflation.

This crash is sometimes confused with the 1969–70 decline, which was also associated with recession and inflation. The 1973–74 episode was longer and more severe, and its low became a major reference point for the postwar market history of the United States.