Wall Street Crash, 1929

Panic-stricken investors on Wall Street after the stock market crash of 29 October 1929. Between 29 October and 13 November (when stock prices hit their lowest point), over US$30 billion disappeared from the US economy. The greatest financial crisis in US history, the collapse of the stock market ended a period of prosperity and ushered in the Great Depression.

The New York Stock Exchange in 1929, where panic-selling of shares after a prolonged period of speculation brought about a worldwide economic crisis. It shook the confidence of US consumers and investors. People stopped spending, and the lack of demand and investment meant that millions lost their jobs during the Depression that followed.

Panic selling on the New York Stock Exchange following an artificial boom from 1927 to 1929 fed by speculation. On 24 October 1929, 13 million shares changed hands, with further heavy selling on 28 October and the disposal of 16 million shares on 29 October. Many shareholders were ruined, banks and businesses failed, and unemployment rose to approximately 17 million during the Great Depression that followed.

The repercussions of the crash, experienced throughout the USA, were also felt in Europe, worsened by the reduction of US loans. A world economic crisis followed, bringing an era of depression and unemployment.