The 1973–1974 bear market in the United States reached its low point in 1974.
The downturn followed the collapse of the postwar economic boom and was intensified by the 1973 oil crisis. The Organization of Arab Petroleum Exporting Countries imposed an oil embargo on countries supporting Israel, causing energy prices to surge and contributing to inflation and recession.
The Watergate scandal, political uncertainty, and weak corporate profits further damaged investor confidence. From its January 1973 peak to its October 1974 low, the Dow Jones Industrial Average lost about 45% of its value, while the broader S&P 500 fell by roughly half.
The bottom came on December 6, 1974. This episode is sometimes grouped with the 1970s energy crisis, but the stock-market crash was one part of a wider period of inflation, recession, and political upheaval. Markets began a powerful long-term recovery after the 1974 low.