The next day, "Black Tuesday", October 29, 1929, about sixteen million shares were traded, and the Dow lost an additional 30 points, or 12%,[13][14][15] amid rumors that U.S. President Herbert Hoover would not veto the pending Smoot–Hawley Tariff Act.[16] The volume of stocks traded on October 29, 1929 was a record that was not broken for nearly 40 years.[14