On Monday, October 22, 2023, the stock market experienced a black Monday, which was the third-largest daily percentage drop on record, beaten only by the 1987 "Black Monday" rout and the crash of October 1929.0 The stock market crash of 1929 occurred on October 29, 1929, when Wall Street investors traded some 16 million shares on the New York Stock Exchange in a single day, causing billions of dollars to be lost, wiping out thousands of investors.The main cause of the Wall Street crash of 1929 was the long period of speculation that preceded it, during which millions of people invested their savings or borrowed money to buy stocks, pushing prices to unsustainable levels.