Which 1792 financial crisis is regarded as the first U.S. stock market crash?

The Panic of 1792 is regarded as the first major U.S. stock market crash.

The crisis began in March 1792 after rapid speculation drove up prices of securities linked to the newly established United States government. Alexander Hamilton, the Treasury secretary, had created a financial system that encouraged confidence in federal debt, but speculators borrowed heavily to buy securities. When prices began falling, lenders demanded repayment and selling accelerated.

The panic centered on Philadelphia and New York, then the country's main financial centers. The Bank of the United States and other institutions supplied emergency loans, helping stabilize the market. Hamilton also supported government purchases of securities and urged banks to resume lending.

The episode is sometimes confused with later panics because it was brief and did not cause a prolonged economic depression. Its importance lies in showing how leverage, speculation, and a young banking system could combine to produce a market collapse.