Which 1929 stock-market crash marked the beginning of the Great Depression era?

The Wall Street Crash of 1929 marked the beginning of the Great Depression era in popular historical accounts.

The collapse unfolded in October 1929 after a long period of rising American share prices. Speculation, easy credit, and widespread margin trading had pushed valuations higher. When prices began falling, investors received margin calls and were forced to sell, creating additional downward pressure. The New York market’s most dramatic days were Black Thursday on October 24, Black Monday on October 28, and Black Tuesday on October 29.

The crash was a major financial shock, but historians do not describe it as the sole cause of the Great Depression. Bank failures, monetary-policy mistakes, falling international trade, debt problems, and declining industrial production also mattered. The Dow continued falling until 1932, when it reached roughly one-fifth of its 1929 peak.

The 1929 crash is sometimes confused with the 1987 crash because both produced dramatic declines. Their economic settings, causes, and subsequent recoveries were very different.