October 29, 1929, the worst session of the U.S. Wall Street Crash, was nicknamed Black Tuesday.
On that day, roughly 16 million shares changed hands on the New York Stock Exchange, a record at the time. Prices collapsed after weeks of instability, and the Dow Jones Industrial Average lost about 12%. Black Tuesday followed Black Thursday, October 24, and Black Monday, October 28, which were also days of severe selling.
The crash did not by itself create every condition of the Great Depression. Economic contraction, bank failures, falling investment, deflation, and international financial problems all contributed to the decade-long crisis. However, the crash badly damaged confidence and reduced household and business wealth.
A common mistake is to treat Black Tuesday as the entire crash. The market continued falling after October 1929, and the Dow did not reach its ultimate low until July 1932. The event remains one of the most famous financial collapses in modern history.