History

Question

What Happened to the Stock Market in October 1929?
( in detail please)

2 Answer

  • On October 29, 1929, Black Tuesday hit Wall Street as investors traded some 16 million shares on the New York Stock Exchange in a single day. Billions of dollars were lost, wiping out thousands of investors. In the aftermath of Black Tuesday, America and the rest of the industrialized world spiraled downward into the Great Depression (1929-39), the deepest and longest-lasting economic downturn in the history of the Western industrialized world up to that time.
  • In 1929 the stock market begin the famous crash. The 1920s were called the roaring 20s and people were borrowing money to buy stocks. Eventually everybody had borrowed so much money that when the market crashed they couldn’t sell out to pay off their loans and that begin the long spiral downward.

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