stock exchange
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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.
Institution for the buying and selling of stock in publicly held corporations. An exchange trades in stocks that are already issued. There are stock exchanges in all major world commercial centres, particularly New York (Wall Street), London, and Tokyo. Stock prices are watched carefully as indicators of confidence in the economy.
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