7 Black Tuesday’s record of 16.4 million shares being traded lasted for nearly 40 years
It is said that on October 29 (‘Black Tuesday’), the opening bell was never heard due to the shouts of “Sell! Sell! Sell!” 16.4 million Shares were traded on the day as panic selling reached its crescendo. Trades happened so quickly that people couldn’t calculate how much money they had lost. Many investors lost their life savings in an instant. There were fistfights and false rumors of investors jumping from building further accelerating the market slide. The volume of stocks traded on October 29, 1929 was a record that was not broken for nearly 40 years. By the end of the day the Dow fell further by 12%.
8 The U.S. Stock market was not able to recover from the crash for many years
$25 billion (more than $300 billion in today’s money) was lost in the Wall Street Crash of 1929. Despite efforts from America’s financial elite, the market kept sliding barring minor reliefs. There was another longer steady slide from April 1931 to July 8, 1932, when it reached its lowest point at 41.22, down 89% from its peak. The stock market was not able to reach its pre-crash numbers until 1954, 25 years after the crash of 1929.