Thursday, October 24, 1929 Initial Stock Market Crash day that included wild swings. Near the end of the day, several large traders got together and bought US Steel stocks at above-market prices to reverse the slide.
Over the weekend, the newspapers printed what had happened on Thursday. Monday brought the beginning of the big crash & slide into the Depression.
Monday, October 28, 1929 Dow down 38.33, -12.82% closing 260.64
Tuesday, October 29, 1929 Dow down 30.57, -11.73% closing 230.07
Interim Bottom: November 13, with the Dow closing at 198.60
April 17, 1930: Dow regains interim 'high' of 294.07. This is now known as a 'dead cat bounce' or a 'bear rally.'May 1, 1930:
“While the crash only took place six months ago, I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover. There is one certainty of the future of a people of the resources, intelligence and character of the people of the United States – that is, prosperity.”
– President Herbert Hoover
June 29, 1930:
“The worst is over without a doubt.”
– James J. Davis, Secretary of Labor.
Dow begins to slide again.
April: Cumulative Movement- 171 down to 151.
May: Cumulative Movement- 145 down to 128.
July 8, 1932: Dow closes at 41.22. This is a cumulative 89% decline from the peak.June 9, 1931:
“The Depression has ended.”
– Dr. Julius Klein, Assistant Secretary of Commerce.
The Market did not return to pre-1929 levels until November 23, 1954.
July 19, 2007: Dow 14,000