UK Accounting Glossary
The Crash of 1929 took place from September through November 1929, when the Dow shed over one-third of its value from its high of 381 on 9/3/29. The Crash of 1929 officially began on Black Thursday, October 24, when $9 billion in market losses occurred and 11 speculators threw themselves out their skyscraper windows. The Dow closed at 299 as the Crash of 1929 got underway. The following week the Crash of 1929 gained momentum. Black Monday saw a record 13% loss and Black Tuesday 12%. By the end of the Crash of 1929 and ensuing market collapse, in July 1932, the Dow had dropped 89% to 41. The losses that began with the Crash of 1929 weren’t recouped until November 1954. The most common explanations for the Crash of 1929 include easy monetary policy, margin calls and speculative fever. The Crash of 1929 foreshadowed the Great Depression.
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This glossary post was last updated: 4th February 2020.