Throughout the 1920s, prices on the U.S. stock exchange rose exponentially, however, by the end of the decade, uncontrolled growth and a stock market propped up by speculation and borrowed money proved unsustainable, resulting in the Wall Street Crash of October 1929. This set a chain of events in motion that led to economic collapse - banks demanded repayment of debts, the property market crashed, and people stopped spending as unemployment rose. Within a year the country was in the midst of an economic depression, and the economy continued on a downward trend until late-1932.

It was during this time where Franklin D. Roosevelt (FDR) was elected president, and he assumed office in March 1933 - through a series of economic reforms and New Deal policies, the economy began to recover. Stock prices fluctuated at more sustainable levels over the next decades, and developments were in line with overall economic development, rather than the uncontrolled growth seen in the 1920s. Overall, it took over 25 years for the Dow Jones value to reach its pre-Crash peak.

Interactive chart of the Dow Jones Industrial Average (DJIA) stock market index for the last 100 years. Historical data is inflation-adjusted using the headline CPI and each data point represents the month-end closing value. The current month is updated on an hourly basis with today's latest value.

Over the course of their first terms in office, no U.S. president in the past 100 years saw as much of a decline in stock prices as Herbert Hoover, and none saw as much of an increase as Franklin D. Roosevelt (FDR) - these were the two presidents in office during the Great Depression. While Hoover is not generally considered to have caused the Wall Street Crash in 1929, less than a year into his term in office, he is viewed as having contributed to its fall, and exacerbating the economic collapse that followed. In contrast, Roosevelt is viewed as overseeing the economic recovery and restoring faith in the stock market played an important role in this.

By the end of Hoover's time in office, stock prices were 82 percent lower than when he entered the White House, whereas prices had risen by 237 percent by the end of Roosevelt's first term. While this is the largest price gain of any president within just one term, it is important to note that stock prices were valued at 317 on the Dow Jones index when Hoover took office, but just 51 when FDR took office four years later - stock prices had peaked in August 1929 at 380 on the Dow Jones index, but the highest they ever reached under FDR was 187, and it was not until late 1954 that they reached pre-Crash levels once more.

Graph and download economic data for Dow-Jones Industrial Stock Price Index for United States (M1109BUSM293NNBR) from Dec 1914 to Dec 1968 about stock market, industry, price index, indexes, price, and USA.

The Dow Jones Industrial Average (DJIA) is a stock market index used to analyze trends in the stock market. While many economists prefer to use other, market-weighted indices (the DJIA is price-weighted) as they are perceived to be more representative of the overall market, the Dow Jones remains one of the most commonly-used indices today, and its longevity allows for historical events and long-term trends to be analyzed over extended periods of time. Average changes in yearly closing prices, for example, shows how markets developed year on year. Figures were more sporadic in early years, but the impact of major events can be observed throughout. For example, the occasions where a decrease of more than 25 percent was observed each coincided with a major recession; these include the Post-WWI Recession in 1920, the Great Depression in 1929, the Recession of 1937-38, the 1973-75 Recession, and the Great Recession in 2008.

The Dow Jones Industrial Average is (DJIA) is possibly the most well-known and commonly used stock index in the United States. It is a price-weighted index that assesses the stock prices of 30 prominent companies, whose combined prices are then divided by a regularly-updated divisor (0.15199 in February 2021), which gives the index value. The companies included are rotated in and out on a regular basis; as of mid-2022, the longest mainstay on the list is Procter & Gamble, which was added in 1932; whereas Amgen, Salesforce, and Honeywell were all added in 2020. As one of the oldest indices for stock market analysis, the impact of major events, recessions, and economic shocks or booms can be tracked and contextualized over longer periods of time.

Due to inflation, unadjusted figures appear to be more sporadic in recent years, however the greatest fluctuations came in the earliest years of the index. In the given period, the greatest decline came in the wake of the Wall Street Crash in 1929; by 1932 average values had fallen to just one fifth of their 1929 average, from roughly 314 to 65.

United States Index: Dow Jones: Utilities Average data was reported at 711.640 02Jan1929=85.64 in Jun 2018. This records an increase from the previous number of 695.210 02Jan1929=85.64 for May 2018. United States Index: Dow Jones: Utilities Average data is updated monthly, averaging 163.675 02Jan1929=85.64 from Jan 1953 (Median) to Jun 2018, with 786 observations. The data reached an all-time high of 770.390 02Jan1929=85.64 in Nov 2017 and a record low of 48.540 02Jan1929=85.64 in Jun 1953. United States Index: Dow Jones: Utilities Average data remains active status in CEIC and is reported by Dow Jones. The data is categorized under Global Database’s USA – Table US.Z015: Dow Jones: Indexes.

Interactive chart of the S&P 500 stock market index since 1927. Historical data is inflation-adjusted using the headline CPI and each data point represents the month-end closing value. The current month is updated on an hourly basis with today's latest value.

Der Börsencrash an der New Yorker Wall Street im Oktober des Jahres 1929 war der Auftakt zur weltweiten Wirtschaftskrise der folgenden Jahre. Den größten Tagesverlust verzeichnete der Dow Jones am 28. Oktober – an diesem Tag schloss der Index bei einem Stand von ****** Punkten. Den vorherigen Handelstag hatte der Dow Jones noch bei einem Stand von ****** Punkten beendet. Dies entspricht einem Kursverlust von ***** Prozent. Wie kam es zu diesem Kursrutsch? Obwohl der größte Tagesverlust des Börsenkrachs 1929 der 28. Oktober und somit ein Montag war, ging der Crash als „Schwarzer Donnerstag“ in die Geschichte ein – in Europa wird er wegen der Zeitverschiebung als „Schwarzer Freitag“ bezeichnet. Schon vor Donnerstag, dem 24. Oktober, begannen die Aktienkurse zur Mitte des Monats zu fallen. Dieser Handelstag startete jedoch mit massiven Kurseinbrüchen. Durch Aktienstützkäufe führender US-Banken unterstützt von der Federal Reserve konnte der Kursverfall jedoch kurzfristig eingedämmt werden – allerdings nur bis zur nächsten Woche, in der sich die Aktienverkaufswelle fortsetzte. In den folgenden Wochen fiel der Dow-Jones-Index weiter – seinen Jahrestiefststand erreichte er am 13. November. Dem Börsencrash vorausgegangen war ein enormer Boom der US-Wirtschaft in den 1920er Jahren. Der Industrie- wie auch der Agrarsektor profitierten immens. Aber auch der Wohlstand der Bevölkerung wuchs. Dies führte dazu, dass etliche Kleinanleger begannen an der Börse zu spekulieren – oft finanziert durch Kreditaufnahmen. Ein regelrechtes Spekulationsfieber griff um sich – die Nachfrage nach Aktien stieg und somit auch die Aktienkurse. Als es Anfang 1929 zum Einsetzen eines Konjunkturabschwunges kam, blieben die Börsen zunächst unbeeindruckt. Trotz sinkender Unternehmensumsätze und -gewinne stiegen die Aktienkurse weiter. Es entstand eine Spekulationsblase, die im Oktober schließlich platzte. Über den Dow-Jones-Index Der Dow Jones Industrial Average (DJIA) - kurz Dow Jones oder auch Dow-Jones-Index - ist der bekannteste und wichtigste US-amerikanische Börsenindex, der erstmals im Jahr 1896 von der Börsenzeitung des Verlages Dow Jones & Company berechnet und veröffentlicht wurde. Seit dem Jahr 1928 umfasst der Dow Jones die 30 bedeutendsten und marktführenden Unternehmen an der New Yorker Börse (NYSE) und spiegelt deren Kursentwicklung wider. Ursprünglich waren es lediglich zwölf ausgewählte US-Unternehmen.Im Gegensatz zum DAX, bei dem es sich um einen Performance-Index handelt, wird der Dow Jones als reiner Kursindex berechnet - Dividendenzahlungen werden nicht berücksichtigt.

This is not going to be an article or Op-Ed about Michael Jordan. Since 2009 we've been in the longest bull-market in history, that's 11 years and counting. However a few metrics like the stock market P/E, the call to put ratio and of course the Shiller P/E suggest a great crash is coming in-between the levels of 1929 and the dot.com bubble. Mean reversion historically is inevitable and the Fed's printing money experiment could end in disaster for the stock market in late 2021 or 2022. You can read Jeremy Grantham's Last Dance article here. You are likely well aware of Michael Burry's predicament as well. It's easier for you just to skim through two related videos on this topic of a stock market crash. Michael Burry's Warning see this YouTube. Jeremy Grantham's Warning See this YouTube. Typically when there is a major event in the world, there is a crash and then a bear market and a recovery that takes many many months. In March, 2020 that's not what we saw since the Fed did some astonishing things that means a liquidity sloth and the risk of a major inflation event. The pandemic represented the quickest decline of at least 30% in the history of the benchmark S&P 500, but the recovery was not correlated to anything but Fed intervention. Since the pandemic clearly isn't disappearing and many sectors such as travel, business travel, tourism and supply chain disruptions appear significantly disrupted - the so-called economic recovery isn't so great. And there's this little problem at the heart of global capitalism today, the stock market just keeps going up. Crashes and corrections typically occur frequently in a normal market. But the Fed liquidity and irresponsible printing of money is creating a scenario where normal behavior isn't occurring on the markets. According to data provided by market analytics firm Yardeni Research, the benchmark index has undergone 38 declines of at least 10% since the beginning of 1950. Since March, 2020 we've barely seen a down month. September, 2020 was flat-ish. The S&P 500 has more than doubled since those lows. Look at the angle of the curve: The S&P 500 was 735 at the low in 2009, so in this bull market alone it has gone up 6x in valuation. That's not a normal cycle and it could mean we are due for an epic correction. I have to agree with the analysts who claim that the long, long bull market since 2009 has finally matured into a fully-fledged epic bubble. There is a complacency, buy-the dip frenzy and general meme environment to what BigTech can do in such an environment. The weight of Apple, Amazon, Alphabet, Microsoft, Facebook, Nvidia and Tesla together in the S&P and Nasdaq is approach a ridiculous weighting. When these stocks are seen both as growth, value and companies with unbeatable moats the entire dynamics of the stock market begin to break down. Check out FANG during the pandemic. BigTech is Seen as Bullet-Proof me valuations and a hysterical speculative behavior leads to even higher highs, even as 2020 offered many younger people an on-ramp into investing for the first time. Some analysts at JP Morgan are even saying that until retail investors stop charging into stocks, markets probably don’t have too much to worry about. Hedge funds with payment for order flows can predict exactly how these retail investors are behaving and monetize them. PFOF might even have to be banned by the SEC. The risk-on market theoretically just keeps going up until the Fed raises interest rates, which could be in 2023! For some context, we're more than 1.4 years removed from the bear-market bottom of the coronavirus crash and haven't had even a 5% correction in nine months. This is the most over-priced the market has likely ever been. At the night of the dot-com bubble the S&P 500 was only 1,400. Today it is 4,500, not so many years after. Clearly something is not quite right if you look at history and the P/E ratios. A market pumped with liquidity produces higher earnings with historically low interest rates, it's an environment where dangerous things can occur. In late 1997, as the S&P 500 passed its previous 1929 peak of 21x earnings, that seemed like a lot, but nothing compared to today. For some context, the S&P 500 Shiller P/E closed last week at 38.58, which is nearly a two-decade high. It's also well over double the average Shiller P/E of 16.84, dating back 151 years. So the stock market is likely around 2x over-valued. Try to think rationally about what this means for valuations today and your favorite stock prices, what should they be in historical terms? The S&P 500 is up 31% in the past year. It will likely hit 5,000 before a correction given the amount of added liquidity to the system and the QE the Fed is using that's like a huge abuse of MMT, or Modern Monetary Theory. This has also lent to bubbles in the housing market, crypto and even commodities like Gold with long-term global GDP meeting many headwinds in the years ahead due to a...

Interactive historical chart showing the daily level of the CBOE VIX Volatility Index back to 1990. The VIX index measures the expectation of stock market volatility over the next 30 days implied by S&P 500 index options.

The Study’s subject: The investigator’s aim is to determine the volume of stock trade. A sample of papers consisting of shares, government’s bond issues, corporate bond issues, bonds of mortgage banks, bonds of so called ‘Landschaftsbanks’, bonds of annuity banks, and floated subscription rights is the focus of the investigation.

With regard to the periods of German history the development of the stock market is described. The periods are: - the influence of the First World War 1914 to 1918 on the stock market - the period of inflation 1919 to 1924 - apparent return of normality 1924 to 1929 - the influence of world economic crisis 1929 to 1933 - the Nazi Socialist economic policy 1933 to 1939 - finally, the Second World War 1939 to 1945.

Important comment on the data: Taxes and the system of taxes have changed over time under investigation. Therefore, the development of stock exchange turnover tax is only one indication among others for the development of securities transactions. Furthermore, it has to be taken into account, that the reported values for the period of inflation cannot be used for comparisons with other periods.

Data-Tables in HISTAT (subject: money and currency, financial sector, in German: Thema: Geld und Währung, Finanzsektor):

A. Volume of Stock Trade in Germany A.1 Development of stock exchange turnover tax in millions of M/RM (1910-1944). A.2 Circulation of securities of domestic issuers in Billions of M/RM (1910-1944).

B. Apparent return of normality after the period of inflation
B.1 monthly averages of share prices (monthly statistics, index: 1924 to 1926 = 100, (1925-1929)). B.2 Monthly bonds prices in percent of the nominal value (monthly statistics, (1925-1929)). B.3 Stock market in Breslau: Firms and brokers authorized for stock trading (1850-1931/32).

C. Influence of economic crisis
C.1 Monthly share prices (monthly statistics, index: 1924 to 1926=100 (1930-1934)). C.2 Monthly bonds prices in percent of the nominal value (monthly statistics, (1930-1934)).

D. Influence of Nazi Socialist economic policy and stock exchange during World War II D.1 Share prices of the company ‚Rütgerswerke-AG’ in Berlin (1933-1937). D.2 Index of share prices, index: 1924 to 1926=100 (1924-1943).

Den Handelsmonat Oktober des Jahres 1929 beendete der Dow Jones bei einem Stand von ****** Punkten. Am Ende des Vormonats lag der Index noch bei ****** Punkten. Dies entspricht einer Kursverschlechterung von ***** Prozent. Der Oktober 1929 war damit der sechstschlechteste Monat in der Geschichte des US-amerikanischen Leitindex. Wie kam es zu diesem Kursrutsch im Oktober 1929? Obwohl der größte Tagesverlust des Börsenkrachs 1929 der 28. Oktober und somit ein Montag war, ging der Crash als „Schwarzer Donnerstag“ in die Geschichte ein – in Europa wird er wegen der Zeitverschiebung als „Schwarzer Freitag“ bezeichnet. Schon vor Donnerstag, dem 24. Oktober, begannen die Aktienkurse zur Mitte des Monats zu fallen. Dieser Handelstag startete jedoch mit massiven Kurseinbrüchen. Durch Aktienstützkäufe führender US-Banken unterstützt von der Federal Reserve konnte der Kursverfall jedoch kurzfristig eingedämmt werden – allerdings nur bis zur nächsten Woche, in der sich die Aktienverkaufswelle fortsetzte. In den folgenden Wochen fiel der Dow-Jones-Index weiter – seinen Jahrestiefststand erreichte er am 13. November. Dem Börsencrash vorausgegangen war ein enormer Boom der US-Wirtschaft in den 1920er Jahren. Der Industrie- wie auch der Agrarsektor profitierten immens. Aber auch der Wohlstand der Bevölkerung wuchs. Dies führte dazu, dass etliche Kleinanleger begannen an der Börse zu spekulieren – oft finanziert durch Kreditaufnahmen. Ein regelrechtes Spekulationsfieber griff um sich – die Nachfrage nach Aktien stieg und somit auch die Aktienkurse. Als es Anfang 1929 zum Einsetzen eines Konjunkturabschwunges kam, blieben die Börsen zunächst unbeeindruckt. Trotz sinkender Unternehmensumsätze und -gewinne stiegen die Aktienkurse weiter. Es entstand eine Spekulationsblase, die im Oktober schließlich platzte. Über den Dow-Jones-Index Der Dow Jones Industrial Average (DJIA) - kurz Dow Jones oder auch Dow-Jones-Index - ist der bekannteste und wichtigste US-amerikanische Börsenindex, der erstmals im Jahr 1896 von der Börsenzeitung des Verlages Dow Jones & Company berechnet und veröffentlicht wurde. Seit dem Jahr 1928 umfasst der Dow Jones die 30 bedeutendsten und marktführenden Unternehmen an der New Yorker Börse (NYSE) und spiegelt deren Kursentwicklung wider. Ursprünglich waren es lediglich 12 ausgewählte US-Unternehmen.Im Gegensatz zum DAX, bei dem es sich um einen Performance-Index handelt, wird der Dow Jones als reiner Kursindex berechnet - Dividendenzahlungen werden nicht berücksichtigt.

The Long Depression was, by a large margin, the longest-lasting recession in U.S. history. It began in the U.S. with the Panic of 1873, and lasted for over five years. This depression was the largest in a series of recessions at the turn of the 20th century, which proved to be a period of overall stagnation as the U.S. financial markets failed to keep pace with industrialization and changes in monetary policy. Great Depression The Great Depression, however, is widely considered to have been the most severe recession in U.S. history. Following the Wall Street Crash in 1929, the country's economy collapsed, wages fell and a quarter of the workforce was unemployed. It would take almost four years for recovery to begin. Additionally, U.S. expansion and integration in international markets allowed the depression to become a global event, which became a major catalyst in the build up to the Second World War. Decreasing severity When comparing recessions before and after the Great Depression, they have generally become shorter and less frequent over time. Only three recessions in the latter period have lasted more than one year. Additionally, while there were 12 recessions between 1880 and 1920, there were only six recessions between 1980 and 2020. The most severe recession in recent years was the financial crisis of 2007 (known as the Great Recession), where irresponsible lending policies and lack of government regulation allowed for a property bubble to develop and become detached from the economy over time, this eventually became untenable and the bubble burst. Although the causes of both the Great Depression and Great Recession were similar in many aspects, economists have been able to use historical evidence to try and predict, prevent, or limit the impact of future recessions.

The Study’s subject: The investigator’s aim is to determine the volume of stock trade. A sample of papers consisting of shares, government’s bond issues, corporate bond issues, bonds of mortgage banks, bonds of so called ‘Landschaftsbanks’, bonds of annuity banks, and floated subscription rights is the focus of the investigation.

With regard to the periods of German history the development of the stock market is described. The periods are: - the influence of the First World War 1914 to 1918 on the stock market - the period of inflation 1919 to 1924 - apparent return of normality 1924 to 1929 - the influence of world economic crisis 1929 to 1933 - the Nazi Socialist economic policy 1933 to 1939 - finally, the Second World War 1939 to 1945.

Important comment on the data: Taxes and the system of taxes have changed over time under investigation. Therefore, the development of stock exchange turnover tax is only one indication among others for the development of securities transactions. Furthermore, it has to be taken into account, that the reported values for the period of inflation cannot be used for comparisons with other periods.

Data-Tables in HISTAT (subject: money and currency, financial sector, in German: Thema: Geld und Währung, Finanzsektor):

A. Volume of Stock Trade in Germany A.1 Development of stock exchange turnover tax in millions of M/RM (1910-1944). A.2 Circulation of securities of domestic issuers in Billions of M/RM (1910-1944).

B. Apparent return of normality after the period of inflation
B.1 monthly averages of share prices (monthly statistics, index: 1924 to 1926 = 100, (1925-1929)). B.2 Monthly bonds prices in percent of the nominal value (monthly statistics, (1925-1929)). B.3 Stock market in Breslau: Firms and brokers authorized for stock trading (1850-1931/32).

C. Influence of economic crisis
C.1 Monthly share prices (monthly statistics, index: 1924 to 1926=100 (1930-1934)). C.2 Monthly bonds prices in percent of the nominal value (monthly statistics, (1930-1934)).

D. Influence of Nazi Socialist economic policy and stock exchange during World War II D.1 Share prices of the company ‚Rütgerswerke-AG’ in Berlin (1933-1937). D.2 Index of share prices, index: 1924 to 1926=100 (1924-1943).

On October 29, 1929, the U.S. experienced the most devastating stock market crash in it's history. The Wall Street Crash of 1929 set in motion the Great Depression, which lasted for twelve years and affected virtually all industrialized countries. In the United States, GDP fell to it's lowest recorded level of just 57 billion U.S dollars in 1933, before rising again shortly before the Second World War. After the war, GDP fluctuated, but it increased gradually until the Great Recession in 2008. Real GDP Real GDP allows us to compare GDP over time, by adjusting all figures for inflation. In this case, all numbers have been adjusted to the value of the US dollar in FY2012. While GDP rose every year between 1946 and 2008, when this is adjusted for inflation it can see that the real GDP dropped at least once in every decade except the 1960s and 2010s. The Great Recession Apart from the Great Depression, and immediately after WWII, there have been two times where both GDP and real GDP dropped together. The first was during the Great Recession, which lasted from December 2007 until June 2009 in the US, although its impact was felt for years after this. After the collapse of the financial sector in the US, the government famously bailed out some of the country's largest banking and lending institutions. Since recovery began in late 2009, US GDP has grown year-on-year, and reached 21.4 trillion dollars in 2019. The coronavirus pandemic and the associated lockdowns then saw GDP fall again, for the first time in a decade. As economic recovery from the pandemic has been compounded by supply chain issues, inflation, and rising global geopolitical instability, it remains to be seen what the future holds for the U.S. economy.

指数：道琼斯：公用事业平均指数在06-01-2018达711.64002Jan1929=85.64，相较于05-01-2018的695.21002Jan1929=85.64有所增长。指数：道琼斯：公用事业平均指数数据按月更新，01-01-1953至06-01-2018期间平均值为163.67502Jan1929=85.64，共786份观测结果。该数据的历史最高值出现于11-01-2017，达770.39002Jan1929=85.64，而历史最低值则出现于06-01-1953，为48.54002Jan1929=85.64。CEIC提供的指数：道琼斯：公用事业平均指数数据处于定期更新的状态，数据来源于Dow Jones，数据归类于Global Database的美国 – 表 US.Z015：道琼斯：指数。