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October 24, 1929 Stock Market

Black Thursday commemorates Thursday, October 24, 1929, a day when sellers traded close to thirteen million shares in panic on the New York Stock exchange, and endured five billion dollars in losses. Early in the day, eleven percent of the market’s value was lost after heavy trading. As so much trading was going on, ticker tape reports were backed up and coming in late across the country, and investors had no way of knowing right away what stocks were valued at, which increased panic. Some of the days’ panic was curbed when Richard Whitney, vice president of the Exchange, was backed by leading Wall Street investors, and placed bets on U.S. Steel and other blue chip stocks to raise confidence. This was successful to some extent, and the market recovered much of its loss, but the reprieve was short lived, and the market continued to collapse the following week.

Today is Wednesday October 24, 2018

 

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