Wednesday, October 29, 2008
This Day in the History of Market Corrections
On this day in 1929, Black Tuesday, (following Black Monday and the Black Thursday of the week before) prices of stocks on the New York Stock Exchange fell precipitously for a third day with 13,000,000 shares being traded and the decline of the Dow Jones Industrial Average from the peak in September at just over 381 to the close on this day, at 230, reaching nearly 40%. The market would continue its steady decline to the nadir on July 8, 1932 at just over 41, a three year decline of nearly 89%. Of course, by that time, the world was in a major economic mess called the Great Depression, which was made worse and prolonged here by the ineffectual fiscal leadership first of Republican Herbert Hoover and then of FDR.
Happy days are here again...
Labels: Black Tuesday, Great Depression
