Which U.S. stock-market crash began after the Dow Jones peaked in January 1973?

The 1973–1974 stock market crash began after the Dow Jones peaked in January 1973.

The decline unfolded during a period of severe economic and political strain. The United States experienced inflation, recession, the 1973 oil crisis, and the Watergate scandal, while the global economy faced disruption after the Arab oil embargo.

The Dow Jones Industrial Average reached a closing high of 1,051.70 on January 11, 1973. It then fell for nearly two years before reaching a closing low of 577.60 on December 6, 1974, a decline of about 45% from the peak.

This crash is sometimes grouped with the 1970s bear market rather than treated as a single event. It was also much longer than a one-day panic, illustrating that major market crashes can develop through an extended combination of inflation, recession, energy shocks, and falling investor confidence.