October 24th 1929: ‘Black Thursday’
On this day in 1929 the ‘Black Thursday’ stock market crash took place on the New York Stock Exchange, thus beginning the ‘Wall Street Crash’. This was the worst stock market crash in American history and heralded the beginning of the Great Depression. The 1920s had been seeing a period of prosperity and optimism but the markets had been unstable for a few days before the crash. On October 24th the market lost 11% of its value. Stocks continued to fall and in the ensuing Depression 25% of Americans were out of work.