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Black Thursday Research Paper

699 Words3 Pages

The Wall Street Crash of 1929, also known as the Great Crash and the Stock Market Crash of 1929, In the decade of 1920s the American Economy saw a phrase of excess monetary action. This was known as the Roaring Twenties. During this phrase there was huge speculation which made the Dow Jones industrial Average rise five times in a span of just 6 years reaching 381.17 on September 3, 1929 On October 24, 1929 things got shaken up when the New York Stock Exchange (NYSE) suddenly crashed by 11%. This day was also known as "Black Thursday". This was a sudden shock and led to an immediate panic situation. Several Wall Street Bankers like Thomas W. Lamont, acting head of Morgan Bank, Albert Wiggin, head of Chase National Bank and Charles E. Mitchell, …show more content…

This was a tactic which was used in the Panic of 1907. The strategy brought relief and the Dow Jones Industrial Average recovered to close with minor loss of 6.38 points for the day. This was, however a temporary relief as on October 28 known as "Black Monday" more investors decided to exit the markets and this led to a fall of 38.33 points or 13% on the Dow Jones Industrial Average. The exit continued on the next day, "Black Tuesday", October 29, 1929 with a fall of 30 points, or 12% with huge volumes. This was on account of rumours that U.S. President Herbert Hoover would not veto the pending Smoot-Hawley Tariff Act. The markets continued to decline arriving at an interim bottom on November 13, 1929, with the Dow closing at 198.60. Then the markets have shown recovery for a few months and reached 294.07 on April 17, 1930. After the Smoot-Hawley Tariff was enacted in June, the Dow dropped again but soon stabilized above 200. The downturn soon returned in the following year, this time with more depth. The Dow began a period of long and steady decline from April 1931 to July 8, 1932 when it closed at 41.22, which was the lowest level of the 20th century. In the decade of the 1930s the Dow began to recover, but it took almost 15 years for it to regain the peak closing of September 3, 1929 on November 23, 1954 when it

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