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Making Cents: Nervous Now? It's Been Worse

July 28, 1996

What's the worst that can happen to the stock market? Well, no one knows. But the most extreme downturn in the last half a century was 22 years ago, after the first big oil price shock. Between January 1973 and September 1974, the Standard & Poor's 500-stock index, for instance, which reflects the broad market, fell more than 40%. But 21 months later, it was back where it started.

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