Which stock-market crash describes the global equity decline during the 1973–1974 bear market?

The global equity decline during the 1973–1974 bear market was the 1973–1974 stock market crash.

The crash unfolded after markets had weakened from earlier highs and was intensified by the 1973 oil crisis. In October 1973, Arab members of OPEC announced an oil embargo against countries viewed as supporting Israel during the Yom Kippur War. Oil prices rose sharply, contributing to inflation, slower growth, and major uncertainty for companies and investors.

The United States also faced the Watergate political scandal, while the collapse of Bretton Woods had already disrupted the international monetary system. These pressures combined to produce a prolonged global bear market rather than a single day of panic selling.

The Dow Jones Industrial Average reached a low in December 1974, after losing roughly 45% from its January 1973 peak. The episode is sometimes discussed alongside the 1970s stagflation crisis, but the stock-market crash specifically refers to the worldwide equity decline during 1973 and 1974.