⚡ Quick Summary
Black Thursday, October 24, 1929, was the first day of the panic that hit the New York Stock Exchange and is linked to the Great Depression. A record 12.9 million shares changed hands, the market lost 11% at the opening bell, and a group of bankers stepped in. The Dow closed down only 6.38 points. The worst days came on October 28 and 29. Saturday, October 24, 2026 is the 97th anniversary. Research cutoff: October 17, 2026.
Stock market crashes are often remembered by a single date. In 1929 the date was a Thursday, and the story of that day is stranger than the headline. The market opened in panic, was partly rescued by bankers, and still went on to fall further.
This explainer sets out what happened on October 24, 1929, in order. It relies on Wikipedia's article on the crash, a secondary source, so treat figures as reported there. For another crash anniversary this month, see our explainer on Black Monday, October 19, 1987.
The Key Dates
| Date (1929) | Event |
|---|---|
| September 3 | The Dow Jones peaks at 381.17 |
| October 24 (Thursday) | Black Thursday: panic selling, record volume, bankers intervene |
| October 28 (Monday) | The Dow falls 38.33 points, or 12.82%, to 260.64 |
| October 29 (Tuesday) | Black Tuesday: the Dow falls 30.57 points, or 11.73%, to 230.07 |
| October 30 | The Dow rises 28.40 points, or 12.34%, to 258.47 |
| November 13 | The Dow reaches an interim low of 198.60 |
What Happened on Black Thursday
The market lost 11% of its value at the opening bell, according to the source. Trading was heavy from the first minutes: nearly 3 million shares, worth about $2 billion, changed hands in the first three minutes. The day's total reached a record 12.9 million shares.
Another problem was information. Price reports on the ticker tape ran hours late, so investors often did not know the prices at which stocks were actually trading. Uncertainty fed the selling.
The bankers' meeting
Thomas W. Lamont, acting head of Morgan Bank, Albert Wiggin of Chase National Bank and Charles E. Mitchell of National City Bank of New York met to address the panic. They chose Richard Whitney, a vice president of the Exchange, to act for them.
Whitney bid $205 per share for 25,000 shares of U.S. Steel, well above the market price, and then placed similar bids on other blue-chip stocks. Wikipedia says the tactic resembled the one that ended the Panic of 1907.
The result
The Dow recovered during the day and closed down only 6.38 points, or 2.09%. It looked as though the rescue had worked. It had not.
Black Monday and Black Tuesday
On Monday, October 28, more investors facing margin calls sold, and the Dow fell 38.33 points (12.82%), a record one-day point loss at the time. On Tuesday, October 29, volume was about 16.4 million shares and roughly $14 billion in stock value was lost. Some stocks had no buyers at any price.
Over the two days the Dow fell 68.90 points, or 23.05%. The source also gives a rounded "25%" elsewhere; the 23.05% figure matches the point totals, so we use it.
The Long Decline
The crash was not the bottom. The Dow rose to a peak of 294.07 on April 17, 1930, then resumed a long decline. On July 8, 1932 it closed at 41.22, an 89.2% loss from the 1929 peak. It did not regain its 1929 peak until November 23, 1954, according to the source.
Consequences
Wikipedia reports that 2,294 banks failed in 1931, holding nearly $1.7 billion in deposits, and that about 4,000 banks and other lenders ultimately failed. Reforms followed. The Glass–Steagall Act of 1933 separated commercial and investment banking, and the Securities Exchange Act of 1934 created the Securities and Exchange Commission. The source also mentions the uptick rule on short selling and exchange pauses during rapid declines.
Historians still debate how much the crash itself caused the Great Depression, and we do not take a side here.
What It Means for Investors Today
We do not draw investment conclusions from a single historical episode. Three observations stand on the facts above. First, a one-day recovery did not mean the fall was over. Second, borrowing against shares (margin) forced selling on Monday and Tuesday. Third, delays in price information made things worse on Thursday. Today's rules differ in many ways, so use the history for context, not for prediction. This article is not financial advice.
Practical Details to Check
- Anniversary: October 24, 2026 is a Saturday, and the 97th anniversary of Black Thursday.
- Markets that day: exchanges in India are normally closed on Saturdays, so check NSE and BSE notices for any special session.
- Figures: index values depend on the source and index version, so verify before reusing them.
Frequently Asked Questions
What was Black Thursday?
October 24, 1929, the first day of the panic on the New York Stock Exchange.
Did the market close sharply lower that day?
No. After the bankers' intervention, the Dow closed down 6.38 points, or 2.09%.
Which days were worst?
Monday, October 28 and Tuesday, October 29, 1929.
Did the crash cause the Great Depression?
Historians debate how much it contributed.
Conclusion
Black Thursday shows how quickly confidence can break, and how a rescue can calm one day without settling the next. See the dated table above, and read our October 24 overview for the rest of the day.
