Wednesday, October 24, 2007

78th Year Anniversary of Black Thursday

Today marks the 78th anniversary of Black Thursday. If you aren't familiar with Black Thursday, this was the day in 1929 that marked the beginning of the Wall Street Crash of 1929. Black Thursday goes down in stock market history as one of the worst days considering 12.9 million shares were sold on that day (more than 3X the average). A clear indication that nothing was going good: eleven well-known speculators committed suicide. Instead of the New York Stock Exchange closing, then VP Richard Whitney announced that he was going to buy 10,000 shares of US Steel. Stockholders calmed down and everything was close to normal again.

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