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The stock market suffered a "mini crash". It was perludeof what wsa to come.
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There were additional signs that the economy might be headed for a serious setback.
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By August 1929, brokers were routinely lending small investors more than two-thirds of the face value of the stocks they were buying. Over $8.5 billion was out on loan, more than the entire amount of currency circulating in the U.S. at the time
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The stock market reached its peak with the Dow Jones Industrial Averege closing at 381.17. Two days later the market started dropping
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The stock market crash of 1929 led to a major economic crisis known as the Great Depression. The Depression lasted from approximately October 1929 until the late-1930′s.
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Stock prices plummeted. Vast numbers of people were selling their stocks. Margin calls were sent out. People across the country watched the number it spit out spelled their doom.
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Althought the stock market has the reputation of being a risky investment, it did not appear that way in the 1920's, it was much more then just a risky investment. With the mood of the country exuberant, the stock market seemed an infalliable investment in the future
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By the end of the 1929 stock market crash, a staggering $16 billion worth of market capitalization had been lost from NYSE stocks.
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Few countries were affected as severely as Canada by the worldwide Depression of the 1930s. It is estimated that between 1929 and 1933 Gross National Expenditure declined by 42%, by the latter year 30% of the LABOUR FORCE was unemployed, and 1 in 5 Canadians became dependent upon government relief for survival. Until WWII the UNEMPLOYMENT rate never declined below 12%. The Depression's severity was aggravated by its uneven impact, a rudimentary social-welfare structure and misguided government p
