The Raging Intensified Trading
Usually, when more traders are selling any commodity, the flooded marketplace tends to facilitate the drop in prices. By 24th October, the Black Thursday, the intensified selling caused a market drop of up to 11%.
Several Wall Street bankers, with the hope of salvaging the then alarming economic crises, came together and placed a bid to purchase a more massive block of shares. Eventually, the tactic halted the slide on Thursday and Friday.it was not different on Saturday, and since the sales only happen half a day, the impact of the anxiety was felt in the market on Monday.
(Original Caption) 10/24/1929-New York, NY: Thousands in the streets about the N.Y. Stock Exchange as the market experienced the most hectic day of trading in financial history. Billions in paper profits were lost and party regained through record sales of more than 12 million shares. These crowds stormed the steps of the sub treasury in Wall St.
28th October 1929 greeted the New York Time readers with the facts that they were faced with greater margin calls forcing them to leave the market. And that was the final straw, the nail on the head that sent everything into a spiral. On that day, the Dow recorded a loss of 38.33 points which was the equivalent of a 13 percent loss.
By 29th October 1929, 16 million shares were traded. Everyone was looking to sell out, at whatever the cost, as long as he or she sold out. On that day some stocks could not attract any buyers at whatever the price. The Dow lost an additional 30 points which were the equivalent of 12 percent.