Which stock-market crash describes the major global decline that began in 1973 and continued into 1974?

The major global decline that began in 1973 and continued into 1974 was the 1973–1974 stock market crash.

The downturn followed the end of a long postwar expansion and was driven by several overlapping pressures. The 1973 oil crisis sharply increased energy costs after Arab oil-exporting countries imposed an embargo. At the same time, many economies experienced high inflation, weak growth, and rising unemployment, a combination commonly called stagflation.

U.S. equities suffered heavily. The Dow Jones Industrial Average reached a high in January 1973 and then fell for much of the next two years. By December 1974, it had lost about 45% from its peak. Markets in the United Kingdom and other countries also declined substantially.

The crash is sometimes treated as part of the wider 1968–1982 bear market rather than as an isolated event. Its importance lies in the way energy disruption, inflation, recession, and falling share prices reinforced one another.