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Investment: An A-Z Guide by Philip Ryland

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W

Wall Street Crash

There have been many crashes on Wall Street, with 1873, 1907, 1949 and 1987 prominent among them, but there has been only one Wall Street Crash. This epithet describes the period from September to November 1929 when the stockmarket, as measured by the DOW JONES INDUSTRIAL AVERAGE, fell 48% from its peak of 381.2 on September 3rd to 198.7 on November 13th. During these ten weeks there were two days – October 28th and 29th – when the industrial average fell 13.5% and 11.7% respectively. These were the two worst days in the history of the Dow after 1914 until BLACK MONDAY.

The background to the crash was a period of sustained easy money and rising prosperity, which propelled the market up. In an attempt to curb stockmarket ...

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