October 24, 1929, marked the start of the Wall Street Crash of 1929, when heavy selling hit the New York Stock Exchange.
That Thursday became known as Black Thursday. Trading volume surged as investors rushed to sell shares, and the Dow Jones Industrial Average fell sharply. A group of major bankers then bought heavily selected stocks in an effort to restore confidence, helping the market recover much of its intraday loss before the session ended.
The apparent rescue did not end the crisis. Selling returned the following week, producing Black Monday on October 28 and Black Tuesday on October 29. The market’s decline continued for years, with the Dow eventually reaching its lowest closing level in July 1932.
The crash helped deepen the Great Depression, although it did not single-handedly cause it. Weak banking systems, falling demand, debt, deflation, and international economic problems also played major roles. Black Thursday is therefore the opening date of the famous late-October crash sequence, not the market’s final low.