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Black Thursday: Stock market plunge that triggered the Great Depression

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On Black Thursday, 24 October 1929, the Dow Jones dropped 12.8%, triggering the stock market crash that led to the Great Depression

Desk Report

Publisted at 10:39 AM, Thu Oct 24th, 2024

On 24 October 1929, now infamously known as "Black Thursday," panic gripped Wall Street as the Dow Jones Industrial Average plummeted by a staggering 12.8%, marking the beginning of the most devastating stock market crash in American history.

The day began with frantic trading, as investors scrambled to sell off their holdings in an attempt to avoid further losses.

With over 12.9 million shares traded by midday, the market's freefall reflected widespread fear and uncertainty.

Despite efforts from major banks to stabilize the situation by purchasing large blocks of stock, the damage was done, and the financial catastrophe soon spiralled into the Great Depression, shaking the global economy for years to come.

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