1929

Wall Street crashes on Black Monday

The stock market crash that began in October 1929 marked an end to the financial boom of the 1920s that the Federal Reserve notes had begun in August 1921 and lasted until September 1929.

On what’s become known to historians as Black Monday (Oct. 28, 1929), the Dow Jones Industrial Average declined by nearly 13 percent, a fall that preceded an almost 12 percent decline on the following day. By the summer of 1932, the Dow had fallen to its lowest value of the 20th century and 89 percent below its peak. Black Monday marked the beginning of the Great Depression, and the Federal Reserve notes the Dow did not return to its pre-crash

heights until 1954.