CB4+Black+Tuesday+Summary

=**Black Tuesday and the 1929 Stock Market Crash**=

Prior to September 4, 1929, the stock market was in great shape. The record high was recorded on September 3, 1929. The 1920s had stock price highs that had never been seen before. Stocks had quadrupled in their value from 1920 until 1929. They kept gaining value which led to many people investing in the stock market. People thought that investing was a great idea due to how high the stock market was. Many people borrowed a lot of money so that they could invest. Unfortunately, this would lead to these people losing a ton of money since on September 4, 1929 the stocks had began to lose value. The stocks had lost about 17%. Then, at one point, the stocks increased by 8.5% but then fell back down quickly. On October 29, 1929, investors for the New York Stock Exchange traded 16,410,030 shares in one single day. So much trading happened that the stock tickers were actually a few hours behind due to it. The price of stocks lowered immensely. This was the main reason for the stock market crashing. Having this happen caused the nation to lose billions of dollars and helped to send us straight into a depression. The market lost 14 billion dollars in just one day and it also lost 30 million dollars in a whole week. The lowest that the stock market reached was 198.60 on November 13, 1929. Also unemployment was at almost 15 million people which led to many people becoming homeless. All of this led to about half of America's banks failing by 1933. The United States banking system basically stopped functioning. By 1932, stocks were only worth about 20 percent of what they were worth in the summer of 1929. Herbert Hoover attempted to fix the problems with the economy, but his efforts were unsuccessful. Finally, Franklin D. Roosevelt came into office and helped to fix the depression in which Black Tuesday had created.