How did the US affect the Wall Street crash in 1929?
Billions of dollars were lost, wiping out thousands of investors. The next day, the panic selling reached its peak with some stocks having no buyers at any price. The Dow lost an additional 30.57 points, or 11.73%, for a total drop of 23% in two days.
Who was affected by the stock market crash of 1929?
Unsurprisingly, African American men and women experienced unemployment, and the grinding poverty that followed, at double and triple the rates of their white counterparts. By 1932, unemployment among African Americans reached near 50 percent.
How did the stock market crash of 1929 affect the middle class?
The collapse of the stock market and the closing of more than 5,000 banks mostly affected the middle class. The professional men that worked at these jobs now had to deal with a loss of income and unemployment. They now found themselves having a hard time supporting their families.
Who was hit the hardest by the Great Depression?
The country’s most vulnerable populations, such as children, the elderly, and those subject to discrimination, like African Americans, were the hardest hit. Most white Americans felt entitled to what few jobs were available, leaving African Americans unable to find work, even in the jobs once considered their domain.
Where did the money go when the stock market crashes?
When a stock tumbles and an investor loses money, the money doesn’t get redistributed to someone else. Essentially, it has disappeared into thin air, reflecting dwindling investor interest and a decline in investor perception of the stock.