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October 29, 1929, the stock market crashed. On Black Tuesday, the stock market dropped 30 points and the economy decreased by 12%. Over 16 million stocks were traded on the 29th and billions of dollars were lost.
-Black Tuesday happened for a number of reasons. The first one is that 1% of Americans owned 1/3 of the economy in America. Another reason was that banks couldn't guarantee their costumers money, so people panicked and sold their stocks because they took too many loans they couldn't pay back. Over 16 million stocks were sold. Overall stock brokers lost 14 million dollars. The last reason is the the stock market hit an all-time high in the 20s and there was nowhere else for it to go but down.
-A month before Black Tuesday, prices on the Dow Jones Industrial Average increased immensely throughout the 1920s. The highest peak it was at was 381.17 points. After this the market dropped nearly 17%. The day before Black Tuesday, the 28th, investors sold huge amounts of stock that caused Dow Jones to lose 13% of it's value in one day.
-Even though the Rockefeller Family and other large families tried to raise the stock market by buying more stocks, it did not help the stance of the stock market and it still crashed.
-In one day the market lost 14 billion dollars and in a single week they lost 30 billion.
Sources:
www.history.com
www.thebalance.com
www.blacktuesday.org