The 1973–1974 global stock-market crash and bear market occurred in the 1970s.
The downturn developed after the market peaks of the early 1970s and was intensified by the 1973 oil crisis. The Arab oil embargo caused energy prices to surge, while inflation, slowing economic growth, and political uncertainty damaged investor confidence. Many major stock indexes fell sharply over the period.
In the United States, the Dow Jones Industrial Average reached a major low in December 1974. The episode is often discussed as part of a wider era of stagflation, when economies experienced weak growth alongside high inflation.
A common mistake is to describe the crash as a single day like Black Monday in 1987. The 1973–1974 event was instead a prolonged bear market lasting across two calendar years and affecting markets around the world.