Which U.S. stock-market crash began with the New York Stock Exchange’s “Black Thursday” on 24 October 1929?

The U.S. stock-market crash associated with “Black Thursday” on 24 October 1929 was the Wall Street Crash of 1929.

The crash followed a spectacular rise in share prices during the 1920s, especially in the United States. Many investors bought stocks with borrowed money, known as buying on margin. When prices began falling, forced selling accelerated the decline because brokers demanded additional cash or collateral.

“Black Thursday” was followed by “Black Monday” on 28 October and “Black Tuesday” on 29 October. The Dow Jones Industrial Average fell sharply across those sessions, although the market’s longer decline continued after October. The crash is closely associated with the beginning of the Great Depression, but historians generally describe the depression as having multiple causes, including banking failures, reduced demand, and international financial problems.

A common mix-up is treating 24 October as the entire crash. It was the first dramatic break in the late-October sequence; the market did not reach its eventual low until July 1932.