The Dow Jones Industrial Average reached its pre-crash record closing peak on September 3, 1929. This high came after years of rising share prices and widespread public enthusiasm for stocks.
The peak preceded the famous October 1929 collapse by almost two months. Heavy selling began with Black Thursday on October 24, intensified on Black Monday and Black Tuesday, and continued during the following years. The Dow eventually reached its bear-market low in July 1932.
A common mix-up is treating October 29 as the market’s original peak. October 29 was Black Tuesday, one of the most severe crash days, not the date of the earlier record high. The 1929 crash was also one stage of the broader economic crisis later known as the Great Depression.
The Dow did not regain its September 1929 closing level until November 1954, more than 25 years later. That long recovery period helps explain why the 1929 crash remains a defining example of a major market collapse.