Editing Wall Street crash of 1929 (section)

==Aftermath==

In 1932, the [[Pecora Commission]] was established by the [[United States Senate|U.S. Senate]] to study the causes of the crash.<ref>{{Cite web|url=https://www.smithsonianmag.com/history/the-man-who-busted-the-banksters-932416/|title=The Man Who Busted the 'Banksters'|last=King|first=Gilbert|website=Smithsonian|language=en|access-date=May 10, 2019}}</ref> The following year, the U.S. Congress passed the [[1933 Banking Act|Glass–Steagall Act]] mandating a separation between [[commercial bank]]s, which take deposits and extend [[loan]]s, and [[investment bank]]s, which [[Underwriting|underwrite]], issue, and distribute [[stock]]s, [[bond (finance)|bonds]], and other [[security (finance)|securities]].<ref>{{Cite web|url=https://www.thestreet.com/politics/glass-steagall-act-14929574|title=What Is The Glass-Steagall Act?|last=Reed|first=Eric|date=April 18, 2019|website=[[TheStreet]]|language=en|access-date=May 10, 2019}}</ref>

Afterwards, stock markets around the world instituted measures to suspend trading in the event of rapid declines, claiming that the measures would prevent such panic sales. However, the one-day crash of [[Black Monday (1987)|Black Monday]], October 19, 1987, when the Dow Jones Industrial Average fell 22.6%, as well as [[2020 stock market crash#Black Monday II (16 March)|Black Monday of March 16, 2020]] (−12.9%), were worse in percentage terms than any single day of the 1929 crash (although the combined 25% decline of October 28–29, 1929, was larger than that of October 19, 1987, and remains the worst two-day decline {{as of|2024|10|7|df=US|lc=y}}).<ref>{{cite web |title=The End of Optimism? The Great Depression in Europe |url=https://www.dhr.history.vt.edu/modules/eu/mod04_depression/context.html |website=Digital History Reader |access-date=January 10, 2019}}</ref>