U.S. STOCK MARKET CRASHES
New York City (JFK+50) On Tuesday, October 29, 1929, more than 16 million shares were traded on the New York Stock Exchange* "wiping out thousands of investors." It would become known as "Black Tuesday."**
The day signaled the end of the rapid expansion of the stock market over the decade of the 1920s and the beginning of the Great Depression of the 1930s.
The crash was accompanied by declining production and high unemployment. By 1932, stocks were worth 20% of their pre-crash value.
One year later, half of the banks in the United States had failed and unemployment skyrocketed to more than 25% of the work force.
*NYSE, aka "The Big Board," is located at 11 Wall Street in the Financial District of lower Manhattan. It is the world's largest stock exchange.
**According to Corporate Finance Institute, the U.S. stock market did not fully recover from the effects of Black Tuesday until the late 1950s. Oct 29 1929 is the most disastrous market crash in U.S. History.
SOURCES
"Stock Market Crashes on Black Tuesday," HISTORY, This Day in History, October 29, www.history.com/
"What is Black Tuesday?" Black Tuesday, The Stock Market Crash of October 29, 1929, www.corporatefinancialinstitute.com/
