The October 24, 1929 stock-market crash that preceded Black Tuesday is called Black Thursday.
On Black Thursday, panic selling struck the New York Stock Exchange after weeks of instability and declining prices. The Dow Jones Industrial Average opened sharply lower, and trading volume became so intense that the exchange’s ticker tape fell far behind actual transactions. A group of major bankers later bought large blocks of leading shares, temporarily calming the market.
That intervention did not end the crash. Selling returned on October 28, known as Black Monday, and intensified on October 29, known as Black Tuesday. The Dow continued falling until reaching a low in July 1932, losing nearly 89% from its 1929 peak.
The crash helped deepen the Great Depression, although historians distinguish the market collapse from the broader economic crisis. Bank failures, falling production, unemployment, and international debt problems all contributed to the depression’s severity.