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On October 28, "Black Monday", [19] more investors facing margin calls decided to get out of the market, and the slide continued with a record loss in the Dow for the day of 38.33 points, or 12.82%. [20] On October 29, 1929, "Black Tuesday" hit Wall Street as investors traded some 16 million shares on the New York Stock Exchange in a single day ...
Galbraith wrote the book during a break from working on the manuscript of what would become The Affluent Society.Galbraith was asked by Arthur M. Schlesinger Jr. if he would write the definitive work on the Great Depression that he would then use as a reference source for his own intended work on Roosevelt.
October 29: 'Black Tuesday'. The New York Stock Exchange collapses, the Dow Jones closing down over 12%. October 30: one day recovery November 1: The Federal Reserve begins lowering the discount rate from its 6% level. November 13: The stock market bottoms out at 198.60, followed by a bear market that would last until April 1930. Commodity ...
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A large sell-off of stocks began in mid-October. Finally, on 24 October, Black Thursday, the American stock market crashed 11% at the opening bell. Actions to stabilize the market failed, and on 28 October, Black Monday, the market crashed another 12%. The panic peaked the next day on Black Tuesday, when the market saw another 11% drop.
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These declines fed investor anxiety, and events came to a head on October 24, 28, and 29 (known respectively as Black Thursday, Black Monday, and Black Tuesday). On Black Monday, the DJIA fell 38.33 points to 260, a drop of 12.8%. The deluge of selling overwhelmed the ticker tape system that normally gave investors the current prices of their ...