In the 1920s stock prices jumped a tremendous amount, to highs never seen before. Many people such as investors believed that stocks were a for sure thing. So they started borrowing heavily which would enable them to invest more money into the stock market. That was all about to end, for in 1929 the bubble was popped and stocks started to go down very quickly. By 1933 the market had reached its lowest point ever, down a total οf 80%. This hid the American economy hard; the strong demand for goods, such as major appliances went down, no more money to invest. The stock market had let many people down.
During the history οf the stock market in the United States, there have been many days in which the market declined numerous points. This is referred to as a market crash. One is called "Black Thursday," which marked the beginning οf the Great Depressions.
It was decades ago, when the roaring twenties came to a booming halt on October 24, 1929, as the stock market crashed. It is called Black Thursday because it was the first day οf panic and the start οf the Great Depression. Investors tried to sell stock as fast as possible on this day. Within the first twenty days οf the crash, the value οf stock held by investors in the United States fell thirty billion dollars.
During the Great Depression, production and sale οf goods rapidly declined. Employment numbers dropped drastically. Many banks and businesses were forced to close their doors. Not only were jobs and savings lost for many people, but also their homes and farms. Thousands depended upon charity to survive. During the worst part οf the depression more than fifteen million people were unemployed. This figure amounted to twenty-five percent οf the nations work force. However, even the seventy-five percent οf the workforce who were able to maintain or find a job were severely affected. Many experienced major wage reductions or were given only part time work. (Great)