Wall Street Crash of 1929

In the span of a single week in October, news spread of a major financial institution unexpectedly failing, and panicked investors began pulling their investments out of their money — further dropping the market, which further fueled the panic. For those old enough to remember, the scene might have reminded them of a day almost exactly 79 years before, when the country was coming off another boom masking severe fundamental deficiencies, when two days of near-panic selling were capped off by a weekend for investors to further obsess over their losses. Opening day Monday brought a selloff the likes of which was never known before.

On this day, October 28, in 1929, Wall Street was overtaken by a mania of selling, in what came to be known as “Black Monday.” Two million dollars were lost in the first half-hour alone, and the losses mounted from there: by the time of the closing bell, the markets were down by 12%.

In the hours after, investors counted up their losses: $25 billion. The following day was not as bad, but selling continued, as it would for week. Many who weren’t wiped out were crippled. Companies closed, unemployment reached double-digits, and the country descended into a decade-long Great Depression.