On this day in 1929, nearly 13 million shares of stock were traded as Black Thursday hit Wall Street. The day is remembered as the start of the worst stock market crash in U.S. history and the beginning of the Great Depression.
The stock market experienced rapid expansion in the 1920s, but by Aug. 1929, production had declined and unemployment had risen, leaving stocks in great excess of their actual value.
Other causes of the market’s collapse were low wages, an increase in debt, a struggling agricultural sector and an excess of bank loans that couldn’t be liquidated.
Stock prices began to fall in September and October, until Black Thursday hit on Oct. 24.
After nearly 13 million shares were traded, investment companies and bankers tried to stabilize the market the next day by buying up great blocks of stock. That produced a moderate rally, but on Oct. 28, the market went into a free fall.
Stock prices collapsed completely the next day, with more than 16 million shares traded on the New York Stock Exchange. The day resulted in billions of dollars lost and financially devastated thousands of investors.
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