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...more popular. Sure, the disparity between the rich and the poor had widened within the past decade, but Americans could now buy goods on installment plans - a relatively new concept - and families could afford more than ever before. Stocks were on a tear: between 1924 and 1929, the Dow Jones Industrial Average quadrupled. At that time, it was the longest bull market ever recorded; some thought it would last forever. In the fall of 1929, economist Irving Fisher announced that "stock prices have reached what looks like a permanent plateau." (See pictures of the stock market crash...
...market peaked on September 3, 1929. Steel production was down, several banks had failed, and fewer homes were being built, but few paid attention - the Dow stood at 381.17, up 27% from the previous year. Over the next few weeks, however, prices began to move downward. And the lower they fell, the faster they picked up speed...
...then came Black Monday. As soon as the opening bell rang on Oct. 28, prices began to drop. Huge blocks of shares changed hands, as previously impregnable companies like U.S. Steel and General Electric began to tumble. By the end of the day, the Dow had dropped 13%. So many shares changed hands that day that traders didn't have time to record them all. They worked into the night, sleeping in their offices or on the floor, trying to catch up to be ready for October...
...initial hours of trading, with London's FTSE 100 at one point dropping 5.6% to its lowest mark since April, 2003. In Paris, France's CAC 40 plunged 5.4%, while Germany's Dax was down 3.3%. Things looked set to begin just as bad in New York, meanwhile, with Dow Jones futures trading 3.2% down, in line with Friday's drop...
...action was a microcosm: in Tokyo the Nikkei was down 9.6%; in Frankfurt the DAX - after dropping as much as 10% during the session - was down 5%; in São Paolo the Bovespa was down 6.35%. It was a global panic! Until things got to New York. The Dow and S&P both ended the day down about 3.5%. Big deal...