Stock Market Crash of 1929
The stock market crash of 1929 was the worst market crash in U.S. history and led to the Great Depression of the 1930s. October 24, 1929, known as Black Thursday, was the first day of the crash.
A boom in the stock market from 1920 to 1929 had caused stocks to more than quadruple in value. This growth increased investor confidence to the point that many borrowed heavily to invest more money in the market. In 1929, however, the market bubble burst.
On so-called Black Tuesday - Oct. 29, 1929 - the equity market saw its worst day. A new record for that time of 16.4 million shares were traded and the ticker tape fell behind by two and a half hours. In terms of percentages, the market suffered a loss of about 12 percent. On Black Tuesday, top bankers met twice – once at noon and again in the evening.