Black Tuesday
Quick Summary
Black Tuesday, October 29, 1929, marked the final day of the stock market crash of 1929, a catastrophic decline in U.S. stock values that contributed to the Great Depression. The crash was caused by speculative excess, weak financial regulation, and a sharp drop in stock prices that began on Black Thursday, October 24, 1929.123
During the Roaring Twenties, rampant speculation led millions to invest heavily in stocks, pushing prices to unsustainable levels. When prices began to fall in October 1929, panic selling ensued. The Dow Jones Industrial Average dropped significantly over four business days, from October 24 to October 29, representing a 25 percent decrease in stock prices. The crash led to financial distress, reduced consumer confidence and spending, manufacturing decline, and rising unemployment. The stock market did not recover to its pre-crash levels until 1954.341
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