Which U.S. stock-market index reached its modern-era low on October 3, 1974, during the 1973–74 bear market?

The Dow Jones Industrial Average reached its modern-era low on October 3, 1974, during the 1973–74 bear market.

The Dow closed at 577.60 on that date, a level that marked the low of a severe decline from its January 1973 peak. The downturn was driven by a combination of inflation, recession, political uncertainty, and the 1973 oil crisis. The collapse of the Bretton Woods monetary system also formed part of the wider economic background.

The market decline occurred during the Watergate era and coincided with major energy-price disruption after the Yom Kippur War. Although the Dow’s numerical level was far below later index values, the percentage loss and economic circumstances made the period highly significant. The 1973–74 bear market is sometimes confused with the 1970 decline or the 1987 crash; its defining context was the combination of stagflation and oil shock.