Final answer:
Black Tuesday, not Black Friday, occurred on October 29, 1929, marking the height of the stock market crash of 1929, which led to severe economic distress and was a prelude to the Great Depression.
Step-by-step explanation:
The Black Friday mentioned in the context of October 29, 1939, appears to be a mix-up with the date of Black Tuesday, which actually occurred on October 29, 1929. Black Tuesday was the day when the stock market crash of 1929 reached its peak, with massive sell-offs resulting in a significant drop in stock prices. This date marked the culmination of a series of events, including Black Thursday on October 24, 1929, where there were also massive sell-offs, and a subsequent effort by bankers to stabilize the stock market. Despite efforts by major banks to bolster the market, the panic was not allayed, and the continuing sell-offs on Black Tuesday resulted in over sixteen million shares being traded and a loss of over $14 billion in wealth in a single day.
The stock market crash had far-reaching consequences, with many investors who had purchased stocks with borrowed money facing bankruptcy. Banks also demanded repayment of loans, and those unable to pay saw their stocks sold and their life savings wiped out, yet still owed the remaining debt. By 1933, the stock market had plummeted by over 80 percent from its pre-crash peak, signaling the onset of the Great Depression.