The New York Stock Exchange crashed sparking a run on banks that spread across the country. October was the beginning of the 1929 stock market crash. Within the first few hours of market open, stock prices fell so badly that it lost all the gains that it had made in the previous year.
The Dow Jones Industrial Index closed at 230. Since the stock market was viewed as the chief indicator of the American economy, public confidence was shattered.
Image: Traders seen inside the New York Stock Exchange
Also see: Origin of sub-prime crisis | The $700-b bailout czar
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