Black Tuesday Stock Market Crash Begins Great Depression
The Roaring Twenties had fueled speculative investment in U.S. stocks, with prices detached from economic fundamentals amid rising unemployment, agricultural woes, and overproduction. After earlier warnings and a sharp drop on Black Thursday, panic selling intensified on October 29, 1929, as over 16 million shares changed hands on the New York Stock Exchange, erasing billions in value and leaving the ticker tape hours behind. Leading bankers attempted support but could not stem the tide, which continued for days and wiped out fortunes built on margin buying. The crash shattered public confidence in the financial system and exposed vulnerabilities in unregulated markets. Immediate effects included bank runs and business failures that rippled across the industrialized world.
