UK Accounting Glossary
Black Tuesday refers to October 29, 1929. Black Tuesday occurred five days after the US stock market crash of Black Thursday. The week of Black Tuesday and its aftermath usually marks the beginning of the Great Depression in the US. On Black Tuesday, the stock market fell by 13% and more than 16 million shares were traded. The market continued to fall for several years after Black Tuesday. On Black Tuesday, investors in the stock market tried to pull out of the market at once, causing general panic. Stocks fell sharply on Black Tuesday, leading to more selling. Investors with margin accounts could not pay the interest on their accounts, and this caused the banks that had loaned the money to go out of business. When the New York Stock Exchange closed on Black Tuesday, the Dow Jones stood at 230, a 40% drop in fewer than eight weeks.
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This glossary post was last updated: 4th February 2020.