The Wall Street crash of 1929, also called the Great Crash, was a sudden and steep decline in stock prices in the United States in late October of that year, contributing to the Great Depression of the 1930s. The Great Depression lasted approximately 10 years and affected both industrialized and nonindustrialized countries in many parts of the world.
The stock market crash of October 1929 signalled the beginning of the Great Depression. By 1933, unemployment was at 25 percent and more than 5,000 banks had gone out of business. Although President Herbert Hoover attempted to spark growth in the economy through measures like the Reconstruction Finance Corporation, these measures did little to solve the crisis. Franklin Roosevelt was elected president in November 1932. Inaugurated as president in March 1933, Roosevelt’s New Deal offered a new approach to the Great Depression.
Stock Market Crash of 1929: Facts, Causes and Impact
The stock market crash of 1929 was a collapse of stock prices that began on October 24, 1929. By October 29, 1929, the Dow Jones Industrial Average had dropped by 30.57%, marking one of the worst declines in U.S. history. It destroyed confidence in Wall Street markets and led to the Great Depression.
The economic prosperity of the 'Roaring Twenties' came to an end in October 1929. On Black Tuesday, 29 October 1929, 16 million shares were sold on the stock market in Wall Street and the economy collapsed completely. By 1930, America was in the Great Depression.
Photograph of a crowd of people gathered outside the New York Stock Exchange following the Crash of 1929 - also known as Black Tuesday.
