Which US stock-market crash began after the Dow Jones Industrial Average peaked in September 1929?

The US stock-market crash that followed the Dow Jones Industrial Average’s September 1929 peak is called the Wall Street Crash of 1929.

The Dow reached a then-record closing level on 3 September 1929. Prices weakened during September and early October before the selling became much more severe in late October. Black Thursday, Black Monday, and Black Tuesday are the best-known sessions of the crash.

Speculation and margin buying had pushed prices far above earlier levels. Investors who bought with borrowed money faced margin calls when prices fell, forcing additional sales. The market’s structure, uneven disclosure, and limited protections also contributed to the disorder.

The crash was a major turning point but was not identical to the entire Great Depression. The depression also involved bank failures, reduced production, deflation, international debt, and policy choices. The Dow eventually lost nearly 89% from its 1929 peak to its 1932 low before beginning a long recovery.