White Plains Daily News Service Since 2000 A.D. "24 YEARS DAILY COVERAGE OF WHITE PLAINS NY USA. John F. Bailey, Editor (914) 997-1607 firstname.lastname@example.org Cell: 914-673-4054. (WE ALWAYS CALL YOU BACK.) News Politics Personalities Neighborhoods Schools Finance Real Estate Commentary Reviews Policy Correspondence Poetry Philosophy Photojournalism Arts. The WHITE PLAINS CITIZENETREPORTER. TELEVISION: "White Plains Week" News Roundup, 7:30 EDT FRI, 7 EDT MON & the incisive "People to Be Heard" Interview Program 8PM EDT THURS, 7 PM EDT SAT on FIOS CH 45 THROUGHOUT WESTCHESTER AND, ALTICE OPTIMUM WHITE PLAINS CH 76 "Fighting for Truth, Justice and the American Way." EXTRA! EXTRA! READ ALL ABOUT IT! CHOICE OF WHITE PLAINS, WESTCHESTER AND THE WORLD FOR 23 YEARS. AND YOU CAN READ THE TYPE! ADVERTISE WHERE THE EYES AND THINKERS ARE FROM ALL OVER THE WORLD! (RATINGS SOURCE WORDPRESS ROBOT FREE)) THE NEWS YOU NEED TO KNOW THAT THEY DON'T TELL YOU! LOOK FOR THE FEDORA!
The Stock Market Crash of 1929 occurred on Friday, October 29, 1929, when Wall Street investors traded some 16 million shares on the New York Stock Exchange in a single day. Billions of dollars were lost, wiping out thousands of investors. In the aftermath of that event, sometimes called “Black Tuesday,” America and the rest of the industrialized world spiraled downward into the Great Depression, the deepest and longest-lasting economic downturn in the history of the Western industrialized world up to that time.
What Caused the 1929 Stock Market Crash?
During the 1920s, the U.S. stock market underwent rapid expansion, reaching its peak in August 1929 after a period of wild speculation in the Roaring Twenties. By then, production had already declined and unemployment had risen, leaving stocks in great excess of their real value.
Stock prices began to decline in September and early October 1929, and on October 18 a big drop in stock prices began. Panic soon set in, and on October 24, Black Thursday, a record 12,894,650 shares were traded. Investment companies and leading bankers attempted to stabilize the market by buying up great blocks of stock, producing a moderate rally on Friday.
On Monday, however, the storm broke anew, and the market went into free fall. Black Monday was followed by Black Tuesday—October 29, 1929—during which stock prices collapsed completely and 16,410,030 shares were traded on the New York Stock Exchange in a single day. Billions of dollars were lost, wiping out thousands of investors, and stock tickers ran hours behind because the machinery could not handle the tremendous volume of trading.
Effects of the 1929 Stock Market Crash: The Great Depression
After October 29, 1929, stock prices had nowhere to go but up, so there was considerable recovery during succeeding weeks. Overall, however, prices continued to drop as the United States slumped into the Great Depression, and by 1932 stocks were worth only about 20 percent of their value in the summer of 1929.
The stock market crash of 1929 was not the sole cause of the Great Depression, but it did act to accelerate the global economic collapse which it was also a symptom. Stock prices continued to drop through 1932 when the Dow Jones Industrial Average—a widely-used benchmark for blue-chip stocks in the United States—closed at 41.22, its lowest value of the 20th century, 89 percent below its peak.