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Magee 1 Matthew P Magee Mr Tipton American Literature B 14 May 1999 Stock Market Crash of 1929 The 1920s were a time of great prosperity and growth for Americans This time period even got the nickname The Roaring Twenties Americans were high in spirits and times were changing During this time Americans were getting wealthy and having fun doing so They started to invest their money in the stock market Then on one day in 1929 the market crashed and set many people to the poor house This day would become to be known as Black Tuesday October 291929 In the early months of 1929 the market was reaching record highs The economy was booming and there seemed to be no worries for the country In September of 1929 the Dow Jones Industrial Average reached its all time high It rose to 38117 points the pre-depression high US News World Report 32 Everything seemed to be going so well for our country On Thursday October 24 New Yorks Stock Market crashed precipitously On that day 12894650 shares of stock changed hands according to the official figures Faber 150 Although this is not known in history as the day the market crashed it starts to tell the story of how the economy was going to hit a very low point People knew what was going on They knew they were losing a lot of money on this one day Rumors of suicides kept sweeping the trading floor Faber 151 On Monday October 28 the market was again getting into trouble The large stocks of the time were dropping in record numbers Steel dropped 18 points General Electric went down 48 points and the whole list of stocks traded on the New York Stock Exchange lost an average Magee 2 of about 50 points 153 As word got out about the record falling of points in the market people began
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