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October 24, 1949 was the first day the stock market crashed. This was caused by over inflation and people using credit to buy things but never paying back the banks. Many stock investors lost money and people who put there money in banks also lost money which led banks to become bankrupt. It is significant because it led to the Great Depression which caused many laws and institutions to be created or changed and led the U.S to become a global superpower.

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What Is Black Thursday?

Black Thursday is the name given to an infamous day in stock market history: Thursday, Oct. 24, 1929, when the market opened 11% lower than the previous day's close, and panicked selling ensued throughout a day of heavy trading. Black Thursday is considered the first day of the Great Stock Market Crash of 1929, which continued until Oct. 29.

Black Thursday also refers to shopping and sales that begin on Thanksgiving Day, a preview of Black Friday, the beginning of the holiday shopping season.

Key Takeaways

Understanding Black Thursday

Black Thursday marked the beginning of the end of one of the longest-running bull markets in U.S. history. For nearly the entire decade of the 1920s, stock prices had been steadily climbing, rising to unprecedented heights. The Dow Jones Industrial Average (DJIA) increased sixfold from 63 in Aug. 1921 to 381 in Sept. 1929.

However, even before the New York Stock Exchange (NYSE) opened on that fateful Thursday in 1929, the elevated equity prices were making investors and financial experts uneasy. On Sept. 5, at the annual National Business Conference, economist Roger Babson predicted that "sooner or later a crash is coming, and it may be terrific." Throughout September, stock prices gyrated, with sudden declines and rapid recoveries.

The jitters continued into October. In fact, on Oct. 23, the Dow fell 4.6%. A Washington Post headline exclaimed, "Huge Selling Wave Creates Near-Panic as Stocks Collapse."

By this time, the stock market had already fallen nearly 20% since its record close of 381 on Sept. 3. When trading opened on Thursday, Oct. 24, the Dow fell 11% in the first few hours. Even more ominous was the heavy trading volume: It was to hit a record 12.9 million shares-three times the normal amount-by day's end.

The three leading banks at that time were Morgan Bank, Chase National Bank, and National City Bank of New York. Putting together a $750 million fund, they bought stocks to attempt to restore confidence in the markets. By the end of the trading day, the Dow actually recovered a bit, closing 2% down, at 299.47.

Aftermath of Black Thursday

The financiers' and banks' propping-up efforts worked for a time. On Friday, the Dow closed higher, at 301.22.

However, on Black Monday, Oct. 28, it fell almost 13% in light trading, to 260.64. And that triggered an all-out panic the next day. By the end of trading on Tuesday, Oct. 29- Black Tuesday -the Dow had fallen to 230.07, a 12% loss.

After the crash, the Dow continued sliding for three more years, bottoming out on July 8, 1932, at 41.22. It had lost almost 90% of its value since its high on Sept. 3, 1929. In fact, it didn't reach that high again for 25 years, until Nov. 23, 1954.

Many investors-both institutional and individual-had borrowed or leveraged heavily to buy stocks, and the crash that began on Black Thursday wiped them out financially, leading to widespread bank failures. That, in turn, became the catalyst that sent the United States into the Great Depression of the 1930s.

Significance of Black Thursday

While the panicked trading on Black Thursday fueled more panic on subsequent days, the Stock Market Crash of 1929 was actually caused by several factors. They include excess production in several industries, an agricultural recession, rampant speculation (or fear of it), the widespread use of margin to buy stocks, dubious accounting and leveraging practices by investment trusts, the incipient regulation of public utility companies, and a tightening of the money supply by the Federal Reserve (Fed).

The Stock Market Crash of 1929 did have one constructive result: It triggered a complete overhaul of the U.S. securities industry. The U.S. Securities and Exchange Commission (SEC) was established, and substantial new regulations were introduced by legislation such as the Securities Act of 1933 and the Securities Exchange Act of 1934.

Black Thursday Shopping

In recent years, Black Thursday has had a more positive connotation attached to it.

It's an affectionate shoppers' nickname for the Thanksgiving holiday in the United States. Many retailers are open on Thanksgiving in a bid to get an early start on the frenzied shopping of Black Friday-and to compete with increasingly popular online stores and e-commerce sites.

In the case of Black Friday, the term "black" refers to the black ink traditionally used to record a profit by accountants, while red ink was used to record losses.

The shopping version of Black Thursday has led to growing resistance among employees of retailers, who complain that they are forced to leave Thanksgiving family dinners early to report to work on time.

What Was the Decrease in Stock Value on Black Thursday?

As measured by the Dow Jones Industrial Average (DJIA), the leading index of the day, stocks declined 2% in value on Black Thursday.

What's the Difference Between Black Thursday and Black Tuesday?

Both are part of the Great Stock Market Crash of 1929, but at opposite ends. Black Thursday, Oct. 24, 1929, is seen as the beginning of the crash. Some 12 million shares changed hands, and the Dow fell sharply in the opening hours of trading, though it recovered somewhat to close six points down from the previous day-about a 2% decline in value.

Black Tuesday occurred five days later, on Oct. 29, and marked the final-and worst-day of the crash. In a record trading volume of 16 million shares, stock prices collapsed, and the Dow dropped more than 30 points, losing 12% of its value in that one day.

Why Did Stock Prices Fall So Sharply on Black Tuesday?

Confidence in the stock market had been badly shaken by the significant declines in the Dow on the previous Thursday (Black Thursday) and Monday (Black Monday). Though a consortium of banks tried to restore investors' faith via heavy buying, panic built upon the previous panic. As prices slid, many investors faced margin calls: They had borrowed money to buy stocks, and now they had to come up with more funds to maintain their positions; if they were unable to, then they had to sell their shares-which, of course, caused prices to fall further.

Trading became so fast and furious that stock tickers (physical telegraph machines that reported share prices) couldn't keep up, lagging behind by hours; confusion over the lack of up-to-date information encouraged the stampede to sell.

The Bottom Line

Black Thursday was the start of the Stock Market Crash of 1929 when panicked selling resulted in the Dow significantly dropping in value, and led the way for the Great Depression to follow. Black Thursday also resulted in a complete overhaul of the U.S. financial system, creating regulatory agencies such as the SEC and the implementation of other regulatory acts to protect investors.

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What Is Black Thursday? History, Significance, and Aftermath

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Black Thursday refers to Thursday, Oct. 24, 1929, when panicked selling sparked the first day of the Stock Market Crash of 1929.

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The ratification of the constitution was created after a series of rebellions due to taxes imposed on the public. These rebellions such as Shays rebellion led the government to realize that the lack of central government was a security risk. Ratifying the constitution led the U.S to become united and avoid a certain state or group of people to gain too much power or influence.

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Constitutional Convention, George Washington rarely participated in the debates. However, when the Constitution headed to the states for approval, Washington took an active role in the ratification process. Before leaving Philadelphia for Virginia, Washington sent copies of the document to Thomas Jefferson and the Marquis de Lafayette, hoping for their support.

Washington also sent copies to Benjamin Harrison, Patrick Henry, and Edmund Randolph, the three most recent governors of Virginia who each had serious reservations about the Constitution. Once back home at Mount Vernon, Washington spent his mornings writing letters to political leaders throughout the nation, urging them to support the Constitution. At the same time, Washington knew that if the Constitution was adopted, he would most likely become the first President of the United States and be called away from his beloved estate.

In his correspondence, Washington clearly laid out the reasons why he believed the Constitution should be ratified. The unity of the nation had been sorely tested under the Articles of Confederation. Washington, in fact, feared the current government was so powerless that it would soon dissolve either from deteriorating support of the people or from the fact that states would no longer bother to send representatives to the Confederation Congress. While the Constitution was not perfect, it created a stronger central government that included a Congress with the power to tax, a President who would act as the nation's chief executive, and a national court system. Washington urged people who had doubts about the Constitution to support it, reminding them that once it was approved it could be amended.

By defending the Constitution, Washington parted company with older revolutionaries such as George Mason, and allied himself with younger political leaders like James Madison. Washington opposed many of his fellow planters who believed the Constitution would destroy the republic. As Washington explained in a letter to the Marquis de Lafayette, he found it "a little strange that the men of large property in the south should be more afraid that the constitution should produce an aristocracy or a monarchy than the genuine democratical people of the east." Deeply in debt himself, Washington was also troubled that so many Virginians believed they had a better chance for prosperity in a weak nation rather than a strong one.

At the start of the ratification convention in Richmond in May of 1788, eight states had already approved the Constitution. While Washington did not attend the convention, he stayed in contact with Madison who defended the document in a series of brilliant debates. When the vote was finally taken on June 25, the Constitution was approved by a margin of 89 to 79.

Washington headed for a celebration in Alexandria, believing that Virginia had been the ninth state to approve the document. Even when news arrived that New Hampshire had approved the Constitution immediately before Virginia, the celebrations went on. Many people agreed with James Monroe, that Washington's influence had "carried this government." But a more humble Washington believed that "Providence" had once again smiled on the American people.

Mary Stockwell, Ph.D.

Notes:
1. "George Washington to Marquis de Lafayette, 19 June 1788," quoted in Joseph Ellis, His Excellency: George Washington (New York: Alfred A. Knopf, 2004), 181.

2. "James Monroe to Thomas Jefferson, 12 July 1788," quoted in Ron Chernow, George Washington: A Life (New York: Penguin Press, 2010), 546.

3. "George Washington to Charles Cotesworth Pinckney, 28 June 1788," quoted in Douglas Southall Freeman, George Washington: A Biography, Volume Six, Patriot and President (New York: Charles Scribner's Sons, 1954), 140.

Bibliography:
Chernow, Ron. Washington: A Life. New York: Penguin Press, 2010.

Ellis, Joseph. His Excellency: George Washington. New York: Alfred A. Knopf, 2004.

Freeman, Douglas Southall. George Washington: A Biography, Volume Six, Patriot and President. New York: Charles Scribner's Sons, 1954.

Maier, Pauline. Ratification: The People Debate the Constitution, 1787-1788. New York: Simon & Schuster, 2010.

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As the president of the Constitutional Convention, George Washington rarely participated in the debates?

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Pearl Harbor was caused by growing tensions between the U.S and Japans due to WWII. Japan had started to imperialize during the early 1900s in order to get more land and resources . Japan started to invade China, killing many people which the United States did not support. Japan signed the Triparte Pact with Germany and Italy and declared war on the U.S. Japan bombed Pearl Harbor which was a naval base in Hawaii and therefore was not guarded and destroyed fleets. This led the U.S to enter WWII and eventually make nuclear weapons and bomb Hiroshima and Nagasaki. This led to the end of WWII and caused the U.S to rise and become a Global superpower. This turned the war in the favor of the allies which allowed them to win the war.

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When Japanese bombers appeared in the skies over Pearl Harbor on the morning of December 7, 1941, the U.S. military was completely unprepared for the devastating surprise attack, which dramatically altered the course of World War II, especially in the Pacific theater. But there were several key reasons for the bombing that, in hindsight, make it seem almost inevitable.

Tensions Began During the Great Depression

Before the Pearl Harbor attack, tensions between Japan and the United States had been mounting for the better part of a decade.

The island nation of Japan, isolated from the rest of the world for much of its history, embarked on a period of aggressive expansion near the turn of the 20th century. Two successful wars, against China in 1894-95 and the Russo-Japanese War in 1904-05, fueled these ambitions, as did Japan's successful participation in World War I (1914-18) alongside the Allies.

During the Great Depression of the 1930s, Japan sought to solve its economic and demographic woes by forcing its way into China, starting in 1931 with an invasion of Manchuria. When a commission appointed by the League of Nations condemned the invasion, Japan withdrew from the international organization; it would occupy Manchuria until 1945.

In July 1937, a clash at Beijing's Marco Polo Bridge began another Sino-Japanese war. That December, after Japanese forces captured Nanjing (Nanking), the capital of the Chinese Nationalist Party, or Guomindang (Kuomintang), they proceeded to carry out six weeks of mass killings and rapes now infamous as the Nanjing Massacre.
WATCH: Pearl Harbor: Survivors Remember on HISTORY Vault
The U.S. Was Trying to Stop Japan's Global Expansion

In light of such atrocities, the United States began passing economic sanctions against Japan, including trade embargoes on aircraft exports, oil and scrap metal, among other key goods, and gave economic support to Guomindang forces. In September 1940, Japan signed the Tripartite Pact with Germany and Italy, the two fascist regimes then at war with the Allies.

Tokyo and Washington negotiated for months leading up to the Pearl Harbor attack, without success. While the United States hoped embargoes on oil and other key goods would lead Japan to halt its expansionism, the sanctions and other penalties actually convinced Japan to stand its ground, and stirred up the anger of its people against continued Western interference in Asian affairs.

To Japan, war with the United States had become to seem inevitable, in order to defend its status as a major world power. Because the odds were stacked against them, their only chance was the element of surprise.

Bettmann Archive/Getty Images

Destroying the Base at Pearl Harbor Would Mean Japan Controlled the Pacific

In May 1940, the United States had made Pearl Harbor the main base for its Pacific Fleet. As Americans didn't expect the Japanese to attack first in Hawaii, some 4,000 miles away from the Japanese mainland, the base at Pearl Harbor was left relatively undefended, making it an easy target.

Admiral Isoroku Yamamoto spent months planning an attack that aimed to destroy the Pacific Fleet and destroy morale in the U.S. Navy, so that it would not be able to fight back as Japanese forces began to advance on targets across the South Pacific.

Japan's surprise attack on Pearl Harbor would drive the United States out of isolation and into World War II, a conflict that would end with Japan's surrender after the devastating atomic bombing of Hiroshima and Nagasaki in August 1945.

At first, however, the Pearl Harbor attack looked like a success for Japan. Its bombers hit all eight U.S. battleships, sinking four and damaging four others, destroyed or damaged more than 300 aircraft and killed some 2,400 Americans at Pearl Harbor.

Japanese forces went on to capture a string of current and former Western colonial possessions by early 1942-including Burma (now Myanmar), British Malaya (Malaysia and Singapore), the Dutch East Indies (Indonesia) and the Philippines-giving them access to these islands' plentiful natural resources, including oil and rubber.

But the Pearl Harbor attack had failed in its objective to completely destroy the Pacific Fleet. The Japanese bombers missed oil tanks, ammunition sites and repair facilities, and not a single U.S. aircraft carrier was present during the attack. In June 1942, this failure came to haunt the Japanese, as U.S. forces scored a major victory in the Battle of Midway, decisively turning the tide of war in the Pacific.

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When Japanese bombers appeared in the skies over Pearl Harbor on the morning of December 7, 1941, the U.S. military was completely unprepared for the devastating surprise attack, which dramatically altered the course of World War II, especially in the Pacific theater.

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On September 11, 2001 for terrorist under an organization named Al Qaeda hijacked four commercial planes. They flew 2 of these planes into the world trade center in Manhattan, one to the pentagon and then crashed a plane meant for the white house into a field in Pennsylvania. This event led to the U.S starting a War on Terrorism around the world and a two decade long war with Afghanistan. This also hanged many policies and made more security in airports and in the government in general.

Sources: Ohio State University

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Ohio State's Peter Hahn takes a close look at the causes and legacy of the 9/11 attacks

The images from that day still haunt us.

The Twin Towers plummeting to the ground, one following the other, smoke snaking through streets, billowing for blocks, fear and confusion spreading like ashes across the country.

We know now what we didn't know that day: that the terrorist attack had been building for more than a decade. And that it would change our country, irreparably, forever.

Here, Peter Hahn, a professor of history and dean of arts and humanities at Ohio State, discusses the causes - and lingering consequences - of 9/11.

9/11 resulted from the confluence of multiple factors.

Islamic extremism was stirred by the Iranian Revolution, the Soviet invasion of Afghanistan and the assassination of the Egyptian president. That extremism turned anti-American because of U.S. support for Israel and repressive and secular Arab regimes.

Soaring birthrates and limited economic opportunities generated social pressures. Extremist thinking embraced violence because local regimes left no other options for peaceful, democratic reform.

The proliferation of weapons gave activists the means to inflict harm, and innovation in communications facilitated worldwide publicity about their deeds - which served the psychological warfare objective of unsettling western populations.

After contesting the Soviet occupation of Afghanistan in the 1980s, the Saudi nationalist Osama bin Laden organized a network of unconventional combatants known as Al-Qaida. Bin Laden believed that the stationing of U.S. troops in Saudi Arabia during the Gulf War of 1990-91 violated the sacred spaces around Mecca and Medina, and in 1996, he essentially declared war on the United States.

From sanctuaries in Sudan and then Afghanistan, bin Laden and his allies orchestrated a series of terrorist attacks on the World Trade Center in New York in 1993, an American military barracks in Saudi Arabia in 1996, the U.S. embassies in Kenya and Tanzania in 1998 and a U.S. Navy ship in Aden Harbor in 2000.

Presidents Clinton and Bush deployed intelligence, law enforcement and diplomatic and military officials to foil the mounting menace of terrorism. But they failed to detect bin Laden's most audacious plot ever, to strike New York and Washington, D.C., with highjacked civilian airliners piloted by suicide bombers.

That surprise assault on Sept. 11, 2001, destroyed the twin towers of the World Trade Center, badly damaged the Pentagon and left some 3,000 Americans dead.

How did the United States respond to 9/11?

The United States reacted to the 9/11 attacks in a variety of ways.

Within several weeks of the 9/11 attacks, President George W. Bush ordered an invasion of Afghanistan. The Taliban regime, which had given Osama bin Laden sanctuary, was ousted from government, but their resistance continued to the modern day - from strongholds in the mountainous southeastern region of Afghanistan and neighboring Pakistan.

The psychological impact of 9/11 led Bush to launch an invasion of Iraq in 2003. While he initially embraced Clinton's approach of containing Iraqi dictator Saddam Hussein, he shifted to belligerence out of determination to prevent any additional surprise terrorist attacks, especially given nightmare scenarios about terrorists deploying weapons of mass destruction.

What happened to bin Laden?

The United States launched a steady campaign to identify and eliminate terrorist ringleaders - many with deadly force. Most famously, in 2011, President Barack Obama ordered a secret military mission into Pakistan that resulted in the killing of bin Laden.

What changed in the United States after the terrorist attacks?

9/11 and the 2001 anthrax attacks galvanized the security consciousness of the American people. A focus on "homeland security" led to the establishment of a White House office and, eventually, a cabinet department of that name.

Public service announcements encouraged citizens to remain vigilant, report suspicious activity and prepare for disasters. The Patriot Act of 2001 authorized enhanced domestic surveillance and law enforcement techniques previously considered excessive.

Federal authorities rounded up 1,200 men of Middle Eastern ethnicity for detention and questioning, tried terrorist suspects in military tribunals, suspended attorney-client privilege and searched business and communication records without owners' consent or warrants. The Transportation Security Administration was created to bolster airport security.

As years passed without additional, spectacular attacks on the homeland, concern relaxed. Legal provisions of the Patriot Act were gradually, although not completely, rescinded.

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What caused 9/11 - and the consequences that linger

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Learn more about the causes and consequences of 9/11 as this Ohio State history professor discusses the events of that day and the effect they've had.

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President James Monroe made the Monroe Doctrine to stop European influence in the Americas. Monroe was concerned that Spain and Britain would try to regain control of the New World. He issued a message to Congress stating that any attempts to interfere in the Western Hemisphere by Europeans would cause war and in turn the U.S would not interfere with European affairs. This is significant because it fixed the issue of Europe re-colonizing. It also influenced many Latin American countries into gaining independence and isolated the Americas.

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Monroe Doctrine - Definition, Purpose & Significance

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The Monroe Doctrine, established by President James Monroe in 1823, was a U.S. policy of opposing European colonialism in the Western Hemisphere.