Stock Market Crash of 1929
On October 29, 1929, a significant event known as Black Tuesday occurred on Wall Street, where a staggering 16 million shares were traded on the New York Stock Exchange in a single day. This resulted in billions of dollars in losses, leaving numerous investors devastated.
Following Black Tuesday, both the United States and the industrialized world experienced a severe economic downturn, known as the Great Depression (1929-1939), which was the most profound and prolonged economic crisis in the history of the Western industrialized world at that time.
The decline in stock prices started in September and early October 1929, and on October 18, the fall began. A sense of panic ensued, leading to a record-breaking 12,894,650 shares being traded on October 24, which was Black Thursday.
In an attempt to stabilize the market, investment companies and major bankers purchased substantial blocks of stock, which resulted in a moderate rally on Friday. However, on the following Monday, the market collapsed again, and on Black Tuesday (October 29, 1929), stock prices plummeted, and an unprecedented 16,410,030 shares were traded on the New York Stock Exchange in one day.
The aftermath of Black Tuesday left billions of dollars lost and wiped out thousands of investors, while the stock tickers struggled to keep up with the immense volume of trading, falling hours behind due to the overwhelming magnitude of transactions.
