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Stock Shock

BANKERS JUMPING OUT OF WINDOWS. UNEMPLOYMENT REACHING RECORD LEVELS. THIS WAS THE RESULT OF THE STOCK MARKET CRASH OF 1929. BUT WHAT CAUSED IT?

The Wall Street crash of 1929.

The stock market crash of 1929 was a culmination of 3 days: Black Thursday (24th October), Black Monday (28th October), and Black Tuesday (29th October). By the end of November, an estimated 100 billion dollars had been lost, with the market losing about 40% of its value.

The stock market crash marked the end of a prosperous time, the 1920s. After World War I, the “Roaring Twenties” was fuelled by increased industrialisation and new technologies – including the radio and the automobile. As the Dow Jones Industrial Average soared, many investors snapped up shares. Stocks seemed to be safe. Investors soon purchased more and more stock. From 1921 to 1929, the Dow Jones skyrocketed from 60 to 400! People made millions instantly. Soon, stock market trading became America’s favourite pastime. Investors mortgaged their homes, and unwisely invested their life savings in popular stocks such as Ford and RCA. To the average investor, stocks were a sure thing. Most investors never considered the possibility of a failing market. To them, the stock market “always went up”.

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About Learn Hot English

The latest issue of Hot English (178 – the March issue) is out now! Learn over 300 useful words and expressions and improve your listening skills with Learn Hot English! This month: Improve your spoken English! Learn 12 useful expressions for responding to comments + 10 “money” words, 8 useful maths terms, 16 words to use to describe films, 10 expressions for describing an object, 20 “furniture” words... plus: • Quiz – are you greedy? • Food – unusual restaurants • Grammar – the use of the word “like” • Books – Twilight book review • Cinema – a film extract from Dead Poets Society • Finance – famous billionaires • History – the Great Depression • Celebrities – Paris Hilton versus Naomi Campbell • Culture – an Indian festival • Entertainment – learn how to play poker • Crime – the Ponzi Scheme • Phone English – ordering something by phone • Language – the second English language: Globish • Money – some great money quotes • The environment – the rise of the Scuppie • Education – classroom phrasal verbs AND LOTS, LOTS MORE! By reading and listening to all this great content, you'll improve your English reading and listening skills and learn up to 300 useful words or expressions. Plus, you'll get a better job and pass English-language exams more easily. Guaranteed!
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