"October 29, 1929, "Black Tuesday," is remembered as the most devastating day in American stock market history. Stock prices fell in a selling frenzy that began the moment the opening bell sounded. When the trading day was over, the Dow Jones Industrial Average had dropped more than thirty points, with some leading stocks plummeting $30-$60 a share. Billions of dollars of fortunes and the life savings of many small investors were wiped out as the decline of the market, which had begun in September, culminated on Black Tuesday. Few people had foreseen the coming of the Great Crash. The country had been riding on the boom of the 1920's."
Source Citation: "The U.S. Stock Market Crashes On Black Tuesday, October 29, 1929." DISCovering World History. Online Edition. Gale, 2003. Reproduced in History Resource Center. Farmington Hills, MI: Gale. http://galenet.galegroup.com/servlet/History/
The Stock Market Crash was less dramatic than the common lore portrays it, but it was dramatic given the way people in the twenties viewed the time period. So respond to the following IB prompt given what you know from class and reading the two articles.
"To what extent was the Wall Street Cash a cause of the Great Depression of 1929 in the United States? Support your argument with specific examples"
Thursday, January 7, 2010
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