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The Day America Crashed: A Narrative Account of the Great Stock Market Crash of October 24, 1929. New York: G.P. Putnam. ISBN 0399116133. Thomas, Gordon and Morgan-Witts, Max (1979). The Day the Bubble Burst: A Social History of the Wall Street Crash of 1929. Garden City, New York: Doubleday. ISBN 0385143702; Watkins, Tom H. (1993).
However, the mini-crash was averted two days later when National City Bank pumped $25 million in credit into the stock market. Summer: Consumer spending and industrial production begin to stagnate. The Federal Reserve continues with its plan to raise interest rates from 4% in mid-1928 to 6% by mid-1929 in an attempt to combat speculative behavior.
The stock market crash in 1929 not only affected the business community and the public's economic confidence, but it also led to the banking system soon after the turmoil. The boom of the US economy in the 1920s was based on high indebtedness, and the rupture of the debt chain caused by the collapse of the bank had produced widespread and far ...
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After the Wall Street crash of 1929, when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with the Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932.
One of Wall Street’s most bearish skeptics told Business Insider last month that he thinks the “worst market crash since 1929 ... Commercial real estate has beaten the stock market for 25 ...
Unlike the stock market, which can be highly volatile, commercial real estate provides steady income streams with generally lower volatility and a low correlation to the S&P 500, according to ...
The next day, fearing a run on the bank, the directors decided to close the bank and asked the New York Superintendent of Banks, Joseph Broderick, to take over the bank's assets. [13] The stock market reacted negatively with the stock price of the bank, which had traded as high as $91.50 during the year (and a lifetime high of $231.25 in 1928 ...