What event does "Black Tuesday" refer to?

"Black Tuesday" specifically refers to the stock market crash that occurred on October 29, 1929. This event marked a significant turning point in American economic history and is often considered the catalyst for the Great Depression. It was characterized by a massive sell-off of stocks on the New York Stock Exchange, leading to a drastic decline in stock prices and a loss of wealth for investors.

The effects of Black Tuesday were profound and far-reaching, as it eroded confidence in the financial system, led to widespread bank failures, and resulted in high unemployment rates. Consequently, this day is a critical moment in U.S. history as it symbolizes not just the failure of the stock market, but the beginning of an unprecedented economic downturn that affected millions of Americans throughout the 1930s. Understanding Black Tuesday helps contextualize the subsequent events and policies that were implemented in response to the crisis.