Black Thursday brings the roaring twenties to a screaming halt, ushering in a world-wide an economic depression. On October 29, , Black Tuesday hit Wall Street as investors traded some 16 million shares on the New York Stock Exchange in a single day. Billions of dollars were lost, wiping out thousands of investors. In the aftermath of Black Tuesday, America and the rest of the industrialized world spiraled downward into the Great Depression , the deepest and longest-lasting economic downturn in the history of the Western industrialized world up to that time.
During the s, the U. By then, production had already declined and unemployment had risen, leaving stocks in great excess of their real value.
Among the other causes of the eventual market collapse were low wages, the proliferation of debt, a struggling agricultural sector and an excess of large bank loans that could not be liquidated. The New York Stock Exchange was founded in , although its origins date back to when a group of stockbrokers and merchants signed an agreement under a buttonwood tree on Wall Street.
Stock prices began to decline in September and early October , and on October 18 the fall began. Panic set in, and on October 24, Black Thursday, a record 12,, shares were traded.
Investment companies and leading bankers attempted to stabilize the market by buying up great blocks of stock, producing a moderate rally on Friday.
On Monday, however, the storm broke anew, and the market went into free fall.
Black Monday was followed by Black Tuesday October 29 , in which stock prices collapsed completely and 16,, shares were traded on the New York Stock Exchange in a single day. Billions of dollars were lost, wiping out thousands of investors, and stock tickers ran hours behind because the machinery could not handle the tremendous volume of trading.
After October 29, , stock prices had nowhere to go but up, so there was considerable recovery during succeeding weeks. Overall, however, prices continued to drop as the United States slumped into the Great Depression , and by stocks were worth only about 20 percent of their value in the summer of The stock market crash of was not the sole cause of the Great Depression, but it did act to accelerate the global economic collapse of which it was also a symptom.
Relief and reform measures enacted by the administration of President Franklin D. Roosevelt helped lessen the worst effects of the Great Depression; however, the U. Access hundreds of hours of historical video, commercial free, with HISTORY Vault.
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Contents Stock Market Crash Stock Market Crash and the Great Depression. Stock Market Crash of Author History. Introduction On October 29, , Black Tuesday hit Wall Street as investors traded some 16 million shares on the New York Stock Exchange in a single day.
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