Summary
On October 29, 1929, known as Black Tuesday, the U.S. stock market experienced a catastrophic collapse, losing billions of dollars in value in a single day. This crash followed a decade of speculative excess during the 1920s, when investors bought stocks on margin (with borrowed money) and prices soared to unsustainable levels. The crash wiped out the savings of millions of Americans and triggered a chain reaction of bank failures, business closures, and unemployment. It marked the beginning of the Great Depression, the worst economic crisis in American history.
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