New Netherland
Black Thursday (1929)
On October 24, 1929, the stock market had one of the largest drops in history, which is regarded as one of the major events that contributed to the Great Depression. This incident is known as "Black Thursday." The states of New York, New Jersey, Pennsylvania, Maryland, Connecticut, and Delaware are included in the region. The Great Depression and Black Thursday had both had a significant impact on these states.
Black Thursday marked the beginning of changes to the Securities Act of 1933 and other rules governing the securities industry. It was when the Dow Jones Industrial Average (Dow) dropped by 11%, which initiated the start of the Great Depression. Dow did not anticipate the stock market to decline by so much, even after purchasing blocks of stock, therefore the people's attempt to recoup their financial losses by selling 12.9 million shares failed.
Black Thursday sparked the creation of numerous organizations and legislative initiatives aimed at bolstering the nation's infrastructure and economy. The market was expanding quickly, reaching its peak in August 1929, two months before the crash and everyone saved all of their money for stocks in New York regardless of their financial stability.
Black Thursday played a significant role in initiating the Great Depression. However, there were many other elements that contributed to its beginning, such as the excessive production in many businesses and a sharp decline in stock values.