The U.S. stock market’s commonly identified pre-crash peak was September 3, 1929.
The Dow Jones Industrial Average reached a closing high of 381.17 on that date. The peak came after years of rapid speculation and rising share prices during the 1920s. Many investors bought shares with borrowed money, a practice known as buying on margin, which magnified both gains and losses.
The market then became increasingly unstable. A sharp sell-off on October 24 became known as Black Thursday, while the much heavier collapse on October 29 became known as Black Tuesday. The decline continued after October, and the Dow eventually lost nearly 89 percent from its 1929 peak to its 1932 low.
The 1929 crash did not by itself cause the entire Great Depression, but it damaged confidence, reduced wealth, and worsened financial stress. The September peak is sometimes confused with the later panic dates because popular accounts focus more on the dramatic October trading sessions.