On what date did the 1929 Wall Street Crash begin with Black Thursday’s heavy selling?
Answer
October 24, 1929
The 1929 Wall Street Crash began with Black Thursday’s heavy selling on October 24, 1929.
Black Thursday was the first of several dramatic trading days that made the 1929 crash famous. About 12.9 million shares changed hands on the New York Stock Exchange, then an extraordinary volume. A group of leading bankers bought shares late in the session in an attempt to restore confidence, and prices temporarily stabilized.
The respite did not last. Selling intensified on Black Monday, October 28, and Black Tuesday, October 29. The crash exposed excessive speculation, widespread buying on margin, and weaknesses in the broader economy. It did not single-handedly cause the Great Depression, but it became its most recognizable financial symbol.
A common mix-up is treating Black Tuesday as the beginning of the crash. Black Thursday came first; Black Tuesday was the later and more devastating trading day.