The Great 1929 Wall Street Stock Market Crash

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On the morning of Thursday, October 24, 1929, stock prices plummeted. Vast numbers of people were selling their stocks. Margin calls were sent out. People across the country watched the ticker as the numbers it spit out spelled their doom. The ticker was so overwhelmed that it quickly fell behind. A crowd gathered outside of the New York Stock Exchange on Wall Street, stunned at the downturn. Rumors circulated of people committing suicide.

To the great relief of many, the panic subsided in the afternoon. When a group of bankers pooled their money and invested a large sum back into the stock market, their willingness to invest their own money in the stock market convinced others to stop selling.

The morning had been shocking, but the recovery was amazing. By the end of the day, many people were again buying stocks at what they thought were bargain prices.

On “Black Thursday,” 12.9 million shares were sold – double the previous record.

Four days later, the stock market fell again.

Although the market had closed on an upswing on Black Thursday, the low numbers of the ticker that day had shocked many speculators. Hoping to get out of the stock market before they lost everything (as they thought they had on Thursday morning), they decided to sell.

This time, as the stock prices plummeted, no one came in to save it.

October 29, 1929, “Black Tuesday,” is known as the worst day in stock market history. There were so many orders to sell that the ticker quickly fell behind. (By the end of close, it had lagged to 2 1/2 hours behind.) People were in a panic; they couldn’t get rid of their stocks fast enough. Since everyone was selling and nearly no one was buying, stock prices collapsed.

Rather than the bankers rallying investors by buying more stocks, rumors circulated that they were selling. Panic hit the country. Over 16.4 million shares of stock were sold – a new record.

Comments

Ruben Mariciuc says:

the score here is so disturbingly nice, it shatters your soul, it reminds me a little of Angel Heart with de niro and m rourke

Mark Beaudry says:

The crash of October 24, 1929 occurred like a shot in the night. Suddenly, everyone on Wall Street had an epiphany and stopped buying stock, and over 100 Billion dollars in savings was wipeout which begs the question? Who orchestrated this crime? The government and the historians would like Americans to believe that this act of Grand Larceny was something of an economic anomaly instead of a coup d'etat. Many of those banks simply closed their doors and kept the money.

KING YIKEZ89 says:

2017 November

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