chapter22Estrada

Black Tuesday



Also known as, "The Great Crash", Black Tuesday is the day that investors in the New York Stock Exchange traded 16,410,030 shares in a single day on October 29, 1929. The effect of the crash led to the long era called, The Great Depression, lasting a decade. Black Tuesday was a day where hit the fan because of the mass panic caused by brokers attempting to trade all their stocks. Many stocks ended up having no buyers the whole day, "air pockets". The 16.4 million stocks that were traded, set a record that would hold for another 40 years. During the crash, there was an attempt to save the economy when "financial giants" bought large quantities of stocks to give hope that it was going to be okay. It wasn't okay. Over two days there was a 30 billion deficit that could not be compensated nor saved. Black Tuesday was not a one day event. There was an entire days of "black" days; there was black Thursday, Friday.... all the way to Black Tuesday. During the days before all the stock prices were going up and up until Tuesday (the breaking point) where all stock market prices collapsed all together.

Citations "Stock Market Crashes." //History.com //. A&E Television Networks. Web. 19 Jan. 2016. . "Stock Market Crash of 1929 | American History." //Encyclopedia Britannica Online //. Encyclopedia Britannica. Web. 19 Jan. 2016. .