I think this statement is true.
I hope this helps!
Because the policy of segregation practiced in the south.
The Stocks of companies like General Electric, Western Union and United States Steel, were hit so hard by the drop because those companies were among the country’s strongest stocks. These companies were leaders of the stock market and everyone was interested in buying or investing only in these companies.
This was the reason that these companies or ‘Market leaders’ hard hit the stock exchange market. The New York Exchange is also known as “The Big Board” is the largest stock exchange market of the world by market capitalization of its listed companies at US$30.1 trillion by February 2018.
