Wall Street Crash of 1929 one aspect of the crash: It wiped out billions of dollars of wealth in one day, and this immediately depressed consumer buying. The failure set off a worldwide run on US gold deposits (i.e. the dollar), and forced the Federal Reserve to raise interest rates into the slump. Some 4,000 banks and other lenders ultimately failed. Also, the uptick rule, which allowed short selling only when the last tick in a stock's price was positive, was implemented after the 1929 market crash to prevent short sellers from driving the price of a stock down in a bear raid. The stock
Wall Street Magnate and XML (AJAX) widgets, and a variety of information sources via RSS and XML feeds, which allow Wall Street Magnate to efficiently process and manage large amounts of data. The idea for Wall Street Magnate was conceived by a lawyer, Lewis Schlossberg, and a stock-trader, Laurence Cohen, in November 2010 after watching The Social Network. It was incorporated in February 2011 and remained in beta for one year while college students held competitions on the site. In May 2013, Wall Street Magnate officially released its platform and made it available to the public. In July 2014, Wall Street Magnate released