On October 29, 1929 — "Black Tuesday" — the New York Stock Exchange suffered its most devastating crash, with 16.4 million shares traded in a single day of panic selling. The Dow Jones Industrial Average, which had peaked at 381 in September, would eventually fall 89% to a low of 41 in July 1932. The crash wiped out millions of investors, destroyed confidence in the financial system, and triggered a cascade of bank failures that froze credit across the economy. The resulting Great Depression lasted a decade, threw a quarter of Americans out of work, and spread worldwide. It led to Franklin Roosevelt's New Deal, the creation of the Securities and Exchange Commission (SEC), the Glass-Steagall Act separating commercial and investment banking, and the FDIC insuring bank deposits — reforms that shaped the financial system for generations.
The Wall Street Crash of 1929
The U.S. stock market crashed over several days in October 1929, triggering the Great Depression — the worst economic catastrophe of the 20th century.
Historical Context
October 29, 1929The Wall Street Crash of 1929
Continue reading