Some important dates that stand in the history of the New York Stock Exchange are October 29, 1929; October 19, 1987; and September 29, 2008, according to stock market history reports by ABC News and Money Morning. The New York Stock Exchange has a storied history of rises and falls.
The most well-known of all stock market crashes occurred on Tuesday, October 29, 1929, otherwise known as Black Tuesday, explains History.com. Following a rapid expansion during the 1920s, the stock market reached its peak in August of 1929. At that time, production was declining and unemployment was rising, and many stocks were overvalued. When stock prices began to fall in September and early October of 1929, people panicked. The stock market went into a free fall, and on Black Tuesday, stock prices collapsed and billions of dollars were lost. The aftermath of Black Tuesday left the country in the longest and worst depression in history up to that time, which lasted for 10 years, from 1929 to 1939.
Another memorable crash took place on Monday, October 19, 1987, which came to be known as Black Monday. This date marked the first modern-day stock market crisis, and market distress sent stock prices in a downward spiral, resulting in the largest one-day decline in stock market history, according to Federal Reserve History. At that time it was also the most extreme market downturn since the Great Depression. Black Monday eventually led to a number of important reforms in the financial industry.
On September 29, 2008, the Dow Jones Industrial Average fell 777.68 points, the biggest single-day drop in history as of that date. This crash was preceded by a Dow that hit its all-time pre-recession high on October 9, 2007, closing at 14,164.43, according to Money Morning. Housing prices began falling, leading to the subprime mortgage crisis. Then, when Congress voted against the government's bank bailout plan, the result was the September 29 drop of 2008, igniting the modern-day recession that followed for years after.