Black Thursday Research Paper

2961 Words12 Pages
On the day of October 29, 1929, Black Tuesday demolished Wall Street; investors traded millions of stocks and bonds on the New York Stock exchanges in one day. Billions of dollars were lost, wiping out thousands of investors, ruining major companies, and caused severe deflation of prices around the world. In the aftershock of Black Tuesday, America and the rest of the world went into a period called the Great Depression. This depression lasted a total of 10years. This was Americas and surrounding countries deepest and darkest markets crash there had been. Stock prices had begun to fall in September and early October of 1929, and on October 18 the crash had begun. On October 24, Black Thursday, about 12 million shares were traded. Investing…show more content…
However, prices still continued to drop as the United States fell into the Great Depression, and by 1932 stocks were worth less than half of their value than before the stock market crash. The market crash of 1929 was not the only cause of the Great Depression, but it did act to quicken it. By 1933, nearly half of America’s banks had begun to fail, and unemployment was in the millions, only 30 percent of the working people could maintain jobs. In the 1920s, many people felt that they could make a lot from the stock exchange market. Forgetting that the stock market was a tense and delicate, they invested their entire savings. Others bought stocks on margin. When the stock market took fell on Black Tuesday, October 29, 1929, the country and the world was unready. The economic disaster caused by the Stock Market Crash of 1929 was a key factor in beginning and the end of the Great…show more content…
People all over the country not only lost their money, but also they lost their jobs. Businesses closed because they could not afford to pay their workers. Stock prices continued to fall, and on July 8, 1932, the market hit its lowest point during the Depression. Many lives were drastically changed, but only a few for the better. The Roaring Twenties roared loudest and longest on the New York Stock Exchange. Share prices rose to unprecedented heights. After prices peaked, stock prices have reached what looks like a high plateau. The major rise in the stock market ended in a catastrophic bust. On Black Monday, October 28, 1929, the Dow declined almost 13 percent. The next day, ‘Black Tuesday’, the market dropped nearly 12 percent. By the middle of November, the Dow had lost half of its value. The downslide continued throughout the summer of 1932, the market didn’t return to its previous highs until November of
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