sep 1, 1929 - Wall Street Crash

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Throughout the 1920s, the US stock market grew greatly, reaching its highest point in August 1929. By then, production had gone down and unemployment rates were going up, so stocks were not being sold for their real value. Stock prices started to drop in September and early October 1929, and on October 18th, a big drop began. People started to panic, and on October 24th, Black Thursday, a record 12,894,650 shares were traded. Investment companies and bankers tried to study the stock market by buying huge chunks of stock, but that didn’t change anything. By October 28th, the market dropped even more, and then on October 29th, Black Tuesday, stock prices collapsed completely and 16,410,030 shares were traded on just one day. Billions of dollars were gone, thousands of investors were wiped out, and stock tickers were hours behind because they could not handle the amount of trading that was happening. After Black Tuesday, stock prices had nowhere to go but up, so there was decent recovery during next few weeks. Overall, prices continued to drop as the US went into the Great Depression, and by 1932 stocks were worth only about 20 percent of what they were in summer of 1929.

Site 1: A&E Television Networks. (n.d.). Stock market crash: 1929 & black Tuesday - history. History.com. https://www.history.com/topics/great-depression/1929-stock-market-crash

Site 2: Wikimedia Foundation. (2023, May 7). Wall street crash of 1929. Wikipedia. https://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929#

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