Black Tuesday lasted four days. It actually started on October 24, 1929 and ended on October 29, 1929 known as Black Thursday.
October 18, 1929 stock prices fell suddenly warning many investors although confidence still remained in the stock market. On October 24, 1929 prices kept falling so investors immediately started selling all their stocks. All of these sales made the stock market go down even more. By October 29. 1929 the stock market had officially crashed and wiped out many investors life savings. More then 16 million shares were traded that week.There was people that were selling there cars,houses,and anything they could find that was valuable. Also many riots were started because of desperation of having lost money and properties. People went homeless and had no food to eat or feed their families.
October 18, 1929 stock prices fell suddenly warning many investors although confidence still remained in the stock market. On October 24, 1929 prices kept falling so investors immediately started selling all their stocks. All of these sales made the stock market go down even more. By October 29. 1929 the stock market had officially crashed and wiped out many investors life savings. More then 16 million shares were traded that week.There was people that were selling there cars,houses,and anything they could find that was valuable. Also many riots were started because of desperation of having lost money and properties. People went homeless and had no food to eat or feed their families.
The Stock Market Crash of 1929
Black Tuesday was the biggest financial crisis of the 20th century. Over $16 billion was lost in October 1929, an event that threw the entire US economy into chaos. Over 40 percent of all banks (about 10,000) bankrupt in the next two years, and ended up losing over $2 billion. Stocks were decreased by more than 80 percent. Unemployment went up to almost 25 percent.
Before Black Tuesday
The years that lead up to "Black Tuesday" were known as the "Roaring Twenties." The country was filled with confidence and people made a tremendous amount of money. It was a time of prosperity.
The Business of the Crash
The stock market began to go down in result of "Black Tuesday" the stock market decreased by 89 percent over the course of the next three years. People were desperate to the point that they would borrow money to buy stocks. At one point, more than $8.5 billion were on loan. The pressure and desperation was sometimes too much to the point where they would even commit suicide.
Consequences of the Crash
The crash of the stock market made it impossible for investors to pay their loans. Banks went under and millions lost all of their deposits. Many companies went bankrupt. Access to money was limited to people and they lost their jobs until more than 25 percent of American adults were unemployed. As a result people didn't spend too much money. Companies received less money, people were fired, and eventually those companies went bankrupt as well. Many nations took steps to protect their economy during the crash.
Starting Again
When Word War II began in 1939, US unemployment went down to 17.2 percent. The US borrowed more than $1 billion for war spending. US manufacturing went up by 50 percent between 1939 and 1941.
Black Tuesday was the biggest financial crisis of the 20th century. Over $16 billion was lost in October 1929, an event that threw the entire US economy into chaos. Over 40 percent of all banks (about 10,000) bankrupt in the next two years, and ended up losing over $2 billion. Stocks were decreased by more than 80 percent. Unemployment went up to almost 25 percent.
Before Black Tuesday
The years that lead up to "Black Tuesday" were known as the "Roaring Twenties." The country was filled with confidence and people made a tremendous amount of money. It was a time of prosperity.
The Business of the Crash
The stock market began to go down in result of "Black Tuesday" the stock market decreased by 89 percent over the course of the next three years. People were desperate to the point that they would borrow money to buy stocks. At one point, more than $8.5 billion were on loan. The pressure and desperation was sometimes too much to the point where they would even commit suicide.
Consequences of the Crash
The crash of the stock market made it impossible for investors to pay their loans. Banks went under and millions lost all of their deposits. Many companies went bankrupt. Access to money was limited to people and they lost their jobs until more than 25 percent of American adults were unemployed. As a result people didn't spend too much money. Companies received less money, people were fired, and eventually those companies went bankrupt as well. Many nations took steps to protect their economy during the crash.
Starting Again
When Word War II began in 1939, US unemployment went down to 17.2 percent. The US borrowed more than $1 billion for war spending. US manufacturing went up by 50 percent between 1939 and 1941.