Final answer:
Black Tuesday resulted in a massive stock sell-off with over $14 billion in wealth lost in one day, leading to rampant bank loan recalls and widespread financial ruin among investors.
Step-by-step explanation:
The immediate impact of Black Tuesday was catastrophic. On October 29, 1929, as stock holders traded over sixteen million shares, the stock market saw a massive sell-off resulting in a loss of over $14 billion in wealth in a single day. Banks, which had extended loans for stock purchases, called in these loans, leading to further sell-offs. Many investors were ruined as their stocks were sold to cover loans, erasing life savings and leaving them with residual debt. The panic spread rapidly, affecting not only those who had investments in the stock market but also the banks, which had heavily invested their clients' savings. The stock market continued to decline after Black Tuesday, wiping out billions of dollars in wealth and causing a prolonged economic downturn known as the Great Depression.