The crash of 1929 is not best thought of as a one- or two-day event, though the narrative usually suggests that it was. The combined October 28–29, 1929, crash brought the Standard & Poor’s Composite Index down only 21%, a fraction of the decline over the next couple of years, and this drop was half reversed the next day, October 30, 1929. Overall, the closing S&P Composite Index dropped 86% from its peak close on September 7, 1929, to its trough close on June 1, 1932, over a period of less than three years.
