5. October 24, 1929 is known as Black Thursday. What happened on this day? Nervous investors sold large quantities of stocks resulting in the stock market losing one-quarter of its value.

People made runs on their banks withdrawing all of their money which forced the banks to close.

Congress passed the Smoot-Hawley Tariff to restrict imports which caused many American businesses to go bankrupt.

The Federal Reserve Board threatened to cut back on its loans to banks causing a panic among investors.