What name was given to October 29, 1929, when the stock market crashed?
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The answer is Black Tuesday.
Through the 1920s, stock prices soared as many Americans bought shares with borrowed money. In late October 1929, confidence collapsed. Prices fell sharply on Thursday, October 24, and again on Monday, October 28.
On Tuesday, October 29, panic selling sent a record of more than sixteen million shares changing hands, a number not matched for decades. Fortunes vanished in hours.
The crash helped trigger the Great Depression, the worst economic downturn in modern history. By 1933, about one in four American workers was unemployed and thousands of banks had failed. The stock market did not return to its 1929 peak until 1954.
Facts to bring to dinner
16 million
Shares traded on Black Tuesday, a long-standing record.
25%
U.S. unemployment at the depth of the Depression.
1954
When the market finally regained its 1929 high.
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