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The Stock Market Crash of 1929
Transcript of The Stock Market Crash of 1929
and hopeless. Nobody was prepared for this unforeseen depressing crash that caused the Great Depression that lasted until 1941. And to make things worse, the Dust Bowl was beginning. Before disaster struck in 1929, the 1920's were very prosperous. In fact, they were nicknamed the Roaring 20's. The Dow continued to flourish until 1929 when it reached its peak on August 27, 1929 Because of this, many people decided to buy stock in companies. If a company did well, they would receive money, if they didn't do well, they would lose money. http://teachertube.com/viewVideo.php?video_id=208323 Almost at the same time in 1923, the Dow Jones Industrial Average started to rise. The first wake-up call was on
Thursday October 24, 1929. That day was nicknamed "Black Thursday". On Black Thursday, the market lost 11% of its value. This day has come to be famous, but there are other days that were even more devastating. On October 28th 1929, 4 days after the last drop, the market lost yet another 13% of its value. Many investors gave up on this day and got out of the Market. This day was named "Black Monday" On Tuesday October 29, 1929, the market lost a total of $16 billion. The market lost another 12% of its value. This was the most famous day of the Stock Market Crash. After the Stock Market Crash of 1929, many people lost their jobs and couldn't afford a home. Soon, little villages were made called Hoovervilles. Hoovervilles were named after the current president, Herbert Hoover. Many people blamed him for the Stock Market Crash and other economic problems. The End The Dow Index is the average of the 30 top companies in the country. This includes Walmart, McDonalds, and others. Four days after Black Thursday on Monday October 28th, 1929, the Stock Market's value dropped another 13%. This day was known as "Black Monday". On Black Monday, many investors gave up and fled the stock market.