8 July 1932: the Dow Jones Industrial Average hits rock bottom

On 8 July 1932, the Dow Jones Industrial Average index hit rock bottom during the Great Depression, closing at just 41.22 points.

Investors were in jubilant mood last week. A wave of optimism carried the Dow Jones Industrial Average above 17,000 for the first time in the index's history. As John Stepek noted, pretty much everyone admits that stocks aren't cheap, but at the same time, "they can't see what might happen to rattle the markets".

If you have money tied up in the Dow, you may well be smiling. But in between toasts, spare a thought for your predecessors 82 years ago today because it was on 8 July 1932 that the Dow hit rock bottom during the Great Depression, closing at just 41.22 points.

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Chris Carter
Wealth Editor, MoneyWeek

Chris Carter spent three glorious years reading English literature on the beautiful Welsh coast at Aberystwyth University. Graduating in 2005, he left for the University of York to specialise in Renaissance literature for his MA, before returning to his native Twickenham, in southwest London. He joined a Richmond-based recruitment company, where he worked with several clients, including the Queen’s bank, Coutts, as well as the super luxury, Dorchester-owned Coworth Park country house hotel, near Ascot in Berkshire.

Then, in 2011, Chris joined MoneyWeek. Initially working as part of the website production team, Chris soon rose to the lofty heights of wealth editor, overseeing MoneyWeek’s Spending It lifestyle section. Chris travels the globe in pursuit of his work, soaking up the local culture and sampling the very finest in cuisine, hotels and resorts for the magazine’s discerning readership. He also enjoys writing his fortnightly page on collectables, delving into the fascinating world of auctions and art, classic cars, coins, watches, wine and whisky investing.

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