The Stock Market Crash Of 1929

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By early 1929, people across the United States were rushing to get into the stock market. The profits seemed so certain that even many companies placed money in the stock market. In addition, even more problematic, some banks placed their customers ' money in the stock market (without their consent). With the stock market prices rising, everything seemed fantastic. Many believe incorrectly that the stock market crash of 1929 is the same as the Great Depression when in fact; it was one of the major causes that led to the Great Depression. At first, there was no massive drop. Stock prices began to fluctuate in September and early October of 1929, and then on October 18 the plummet began. People started to panic, and on October 24, a record 12 billion shares were traded. Investment companies and bankers tried to steady the market by buying up enormous blocks of stock; this did nothing to stop the eminent free fall. On October 29, 1929, what is known today as Black Tuesday hit Wall Street. Investors traded some 16 million shares on the New York Stock Exchange in that single day. Stock tickers ran hours behind because the machinery of the time could not handle the tremendous volume of trading that was happening. Stockholders lost billions of dollars, wiping out thousands of investors. There was talk of mass suicides due to the crash; though this was greatly exaggerated, there were a record number that year. After Black Tuesday, stock prices did not have any further to fall so

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