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What is significant about Wall Street?

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βˆ™ 2008-12-08 16:43:00

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The Wall Street Crash was the collapse of the American Stock exchange, it began on "Black Thursday". Panic had set in as prices had dropped dramatically therefore as soon as the New York Stock Exchange opened its doors at 9 in the morning; stockbrokers started selling shares in large numbers. By the end of the day, the Stock Exchange had lost $4 billion. It is said that during this, 11 ruined speculators committed suicide. Over the weekend of 26th-27th October, the situation worsened, the banks were now demanding repayment of their money. This then had a ripple effect on the brokers and their customers. Afraid brokers and investors sold their shares (at any price out of desperation) and due to this over 16 million shares were sold in one day. Overall, over $30 billion disappeared from the value of the American economy and many individuals suffered personal financial ruin.

2008-12-08 16:43:00
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