Stock market crash ofalso called the Great Crasha sharp decline in U. The Great Depression lasted approximately 10 years and affected both industrialized and nonindustrialized countries in many parts of the world.

During the mid- to late s, the stock market in the United States underwent rapid expansion. The spectacles of the South Sea Bubble and the Mississippi Bubble had returned. People sold their Liberty Bonds and mortgaged their homes to pour their cash into the stock market.

In the midsummer of some million shares of stock were being carried on margin, pushing the Dow Jones Industrial Average to a peak of points in September. Any warnings of the precarious foundations of this financial house of cards went unheeded.

Prices began to decline in September and early October, but speculation continued, fueled in many cases by individuals who had borrowed money to buy shares—a practice that could be sustained only as long as stock prices continued rising. On October 18 the market went into a free fall, and the wild rush to buy stocks gave way to an equally wild rush to sell. The first day of real panic, October 24, is known as Black Thursday ; on that day a record Still, the Dow average closed down only six points after a number of major banks and investment companies bought up great blocks of stock in a successful effort to stem the panic that day.

Their attempts, however, ultimately failed to shore up the market. The panic began again on Black Monday October 28with the market closing down On Black Tuesday October 29 more than 16 million shares were traded.

The Dow Jones Industrial Average lost another 12 percent and closed at —a drop of points in less than two months. Prime securities tumbled like the issues of bogus gold mines. General Electric fell from on September 3 to on October American Telephone and Telegraph dropped points. DuPont fell from a summer high of to 80, United States Steel from toDelaware and Hudson from toand Radio Corporation of America RCA common stock from to Political and financial leaders at first affected to treat the matter as a mere spasm in the market, vying with one another in reassuring statements.

President Hoover and Treasury Secretary Andrew Institutional governance stock market index fund morningstar. Another 20 years would pass before the Dow average regained enough momentum to surpass the point level.

Many factors likely contributed to the collapse of the stock market. Among the more prominent causes were the period of rampant speculation those who had bought stocks on margin not only lost the value of their investment, 1929 stockmarket crash also owed money to the entities that had granted the loans for the stock purchasestightening of credit by the Federal Reserve in August the discount rate was raised from 5 percent to 6 percentthe proliferation of holding companies theorie des options caracteristiques et strategies investment trusts which tended to create debta multitude of large bank loans that could not be liquidated, and an economic recession that had begun earlier in the summer.

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For ad-free access to your Britannica School or Library account Click here. Stock market crash of American history. View All Media Date Location United States Topic Great Depression. View of the New York Stock Exchange on an active day in the late s.

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