Crash of 1929/Timelines
From Citizendium, the Citizens' Compendium
Stock price changes
- (see also the chart for the period 1920 to 1940 )
- Dow Jones Industrial Average: Low 
- peak value
Timeline of events in the United States
1921 - 1929
- Strong economic growth: GDP increases by 42% (growth rates: 10.5% pa 1921-23; 3.4% pa 1923-29)
- Stock market boom: the DJIA index at the 1929 peak is six times its minimum level in 1921 .
- Federal Reserve Bank cuts discount rate from 4% to 3.5%
- Federal Reserve Bank tightens monetary policy in order to restrain the boom. Discount rate raised to 5%
- Death of Governor Strong of the New York Federal Reserve Bank
- Start of a downturn in economic activity
- Federal Reserve Bank raises discount rate to 6%
- THE CRASH 
- 24 Black Thursday DJIA falls by 13%
- 28 Black Monday DJIA falls by 12.8%
- 29 Black Tuesday DJIA falls by 11.7%
- The "Great Contraction"
- Three waves of panic create a progressive collapse of the United States banking system, with the failure of nearly half of the banks and heavy. losses by the others.
- Banks close in "banking holiday"
- Unemploment 25%
- Unemployment 13.8%