Cue “Happy days, are here again!”
With food lines in the video.
Yep! Nothing can go wrong now cuz History tells us once the Financial News Mavens declare everything is alright well then everything is alright!
Stock market news moved from the financial pages to the front pages as the number of first-time investors grew in the 1920s. Throughout 1929 daily papers reported that the future looked bright for investors -- even after the devastating market crash in October.And the rest is History...Read newspaper excerpts from three New York papers: The World, The New York Herald Tribune, and The New York Times.
Wave of Buying Sweeps Over Market as Stocks Swing Upward
Radio Flashes High; General Motors and Steels Soar
By Laurence SternThe atmosphere of doubt and caution which Wall Street in recent weeks has come to regard almost as habitual on Thursdays was swept away yesterday in a rush of buying...
Perhaps the market's own strength weighed as heavily with speculative minds as the logic of the situation, since the tape is the one institution Wall Street does not argue with. At any rate, the market appeared entirely confident from the opening gong. It was a firm, almost buoyant, opening, many initial transactions involving large blocks at sizable price advances...
The advance was one of the most vigorous of the year, amounting to a net gain of 6.97 points in the Dow Jones "average" of thirty representative industrial issues...
-- The World, March 15, 1929
Stocks Soar As Bank Aid Ends Fear of Money Panic
By W. A. LyonThe stock market strode out from under the shadow of a panic in call money that so lately threatened, revived in all its old strength yesterday. Assured that the New York banks were ready with their boundless resources to prevent a money crisis, the public and the professional trader set out to repair the damage done to prices on Monday and the major part of Tuesday.
Stocks in the aggregate, though bucking a 15 per cent rate for loans, enjoyed the greatest advance they have known in a single day in the last two years. Not even the surging bull markets of the memorable year 1928 saw such a day of heavy buying.
-- New York Herald Tribune, March 28, 1929
Banker Says Boom Will Run Into 1930
That at least a part of the great amount of money in the securities market may represent temporary employment of funds eventually finding their way into business uses, and that the prosperity of the present business cycle will probably not end in 1929, is the belief expressed by the J. Henry Schroder Banking Corporation in the quarterly review of the London house of Schroder.
-- The World, March 30, 1929