Black Tuesday saw the highest share volume in the Wall Street Crash at that time.
On October 29, 1929, approximately 16 million shares changed hands on the New York Stock Exchange. The volume was extraordinary for an era when trading technology and communications were far less advanced than today. Investors rushed to sell as prices continued falling, creating a feedback loop of fear and forced liquidation.
Black Tuesday followed Black Thursday on October 24 and Black Monday on October 28. Although buying groups had attempted to stabilize prices earlier, confidence had largely broken by October 29. The Dow Jones Industrial Average fell nearly 12% that day.
The market did not reach its ultimate low until July 1932. The crash is therefore not identical to the full stock-market decline associated with the Great Depression. Another common mistake is assuming that the 1929 volume record lasted forever; later markets exceeded it as participation and trading technology expanded.