Stock Market Crash History: Every Major U.S. Crash Since 1929
73 declines, 12 bear markets, one −86% catastrophe — and a 100% eventual-recovery rate.
Every major U.S. stock market crash, quantified
Our drawdown register tracks 73 qualifying declines in the S&P 500 since 1928, of which 12 were bear markets (−20% or deeper). The deepest eight:
| Period | Decline | Days to trough | Cause |
|---|---|---|---|
| 1929: Sep 16 - Jun 1, 1932 | −86.2% | 989 | — |
| 2007: Oct 9 - Mar 9, 2009 | −56.8% | 517 | Global financial crisis |
| 2000: Mar 24 - Oct 9, 2002 | −49.1% | 929 | Dotcom bust |
| 1973: Jan 11 - Oct 3, 1974 | −48.2% | 630 | — |
| 1968: Nov 29 - May 26, 1970 | −36.1% | 543 | — |
| 2020: Feb 19 - Mar 23 | −33.9% | 33 | COVID pandemic |
| 1987: Aug 25 - Dec 4 | −33.5% | 101 | — |
| 1961: Dec 12 - Jun 26, 1962 | −28.0% | 196 | — |
The median event is far milder than the famous ones: a −8.2% decline reaching bottom in 34 days. Crashes are rare; corrections are routine.
The anatomy of the four great crashes
1929–1932 · −86.2%
The Great Depression collapse remains the deepest on record — and the longest at 989 days peak-to-trough. An investor at the 1929 top waited a quarter century for the index price to fully recover (dividends shortened the true recovery to about 15 years).
2007–2009 · −56.8%
The Global Financial Crisis. Financials fell −84% as a sector; five of the ten largest U.S. financial institutions vanished into forced mergers, seizure, or bankruptcy — the roster is in the 2008 cohort panel.
2000–2002 · −49.1%
The dot-com unwind: not one dramatic day, but 2.5 years of grinding decline as a 44× CAPE compressed. The Nasdaq 100 fell −83% over the same window.
2020 · −33.9%
The COVID crash — the fastest −30% in history (23 trading days) followed by the fastest recovery (about 5 months), courtesy of unprecedented fiscal and monetary response.
What crashes have in common
- They cluster around valuation peaks. 1929, 2000, and 2021 all began from top-decile CAPE readings. Today's CAPE: 41.5× (99th percentile).
- Recovery is the norm. Every one of the 73 declines was eventually recovered — the index has never failed to make a new high.
- The best single years follow the worst. Selling at the bottom converts a temporary decline into a permanent loss.
FAQ
What was the biggest stock market crash in history?
The 1929–1932 Great Depression crash: the S&P 500 (reconstructed) fell about −86% from peak to trough over 989 days.
How often do bear markets happen?
12 bear markets (−20% or worse) in 98 years — roughly one every 8 years on average, though they cluster.
How long does a stock market crash take to recover?
The median decline (−8.2%) recovers within months. Bear markets take longer: 2000 and 2007 each needed 4–6 years to reclaim their highs; 1929 took 25 years price-only.
Computed from /api/sp500/drawdowns.json, refreshed each trading day.