On this day, October 24, but in 1929 the Wall Street financial markets faced a panic while trading their shares, it is known as “Black Thursday”.
During the previous day’s operations (i.e. Wednesday), the financial markets suffered a crash before selling 2.6 million shares.
Later Thursday morning, the avenue of the New York Stock Exchange appeared to be crowded with investor fear, until markets were forced to temporarily close their operations with the support of the police.
At that time, the banks did not have the ability to inject capital and thus reduce the massive supply of investors.
The despair of the investors was so great that they went to a nearby park to sell their shares at very low prices as there was no demand for the stock market.
Tension in the financial markets remained active during the following days, in total there were six days of panic during the month of October 1929.
All this panic was not resolved immediately and had an effect on the US economy, and the worst of it was that the crisis affected third parties in the world.
This event is considered symbolic in the financial field, and is even known as the “Crash of 1929” or the “Great Depression”.
Finance certainly has a very interesting background.
With information from the BBC and National Geographic
* Adam
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