The Wall Street Crash on 29 October 1929 was a major stock market crash in the New York Stock Exchange. Due to a long period of speculation preceding this economic collapse, which saw millions investing their savings or borrowed money to buy stocks, the Crash had enormous effects across the world. Billions of dollars were lost in one day and this caused banks to close. Stock markets and economies across the world crashed and collapsed. The Wall Street Crash was an event that contributed to the Great Depression.