The 1929 U.S. stock-market crash day when the Dow lost almost 13% on October 28 was called Black Monday. It was one of the most severe sessions in the Wall Street Crash of 1929.
The Dow Jones Industrial Average fell 38.33 points, or 12.82%, on October 28. The following day, October 29, brought another devastating decline and became known as Black Tuesday. These names are distinct from Black Thursday, October 24, when heavy selling first became a major public event.
The crash followed a long period of rising stock prices, extensive margin borrowing, and rapid economic expansion. Falling confidence led investors to sell, and forced liquidation magnified the declines. The market’s collapse was an important part of the broader economic breakdown, although the Great Depression had multiple causes.
The Dow did not immediately return to its pre-crash peak. It eventually reached a low in 1932, and the financial shock was followed by bank failures, deflation, unemployment, and a major contraction in international trade.