What happened on October 23, 1929, the day after Congress passed the Smoot-Hawley Tariff?The stock market fell by 89 percent on what is known as Black Tuesday.The stock market fell 38 points on what is known as Black Thursday.Nothing happened except business as usual.The stock market fell to 40 points on what is known as Black Friday.
Question
What happened on October 23, 1929, the day after Congress passed the Smoot-Hawley Tariff?The stock market fell by 89 percent on what is known as Black Tuesday.The stock market fell 38 points on what is known as Black Thursday.Nothing happened except business as usual.The stock market fell to 40 points on what is known as Black Friday.
Solution
The Smoot-Hawley Tariff was actually passed by Congress in June 1930, not in October 1929. However, the stock market crash that is often associated with the start of the Great Depression did begin in late October 1929. On October 23, 1929, the stock market did not crash, but it was a day of significant decline. The most significant drops, which are often referred to as Black Thursday and Black Tuesday, occurred on October 24 and October 29, respectively. On Black Thursday, the market fell by 11 percent at the opening bell, which triggered a rush of sell orders. On Black Tuesday, the market fell by around 12 percent. These events marked the beginning of a severe global economic depression.
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