October 19: On This Day in World History … briefly
Wall Street experienced the worst day in its history, with the Dow Jones Industrial Average plummeting a record of 508.32 points.
1987: Nightmare on Wall Street
In finance, Black Monday refers to Monday, October 19, 1987, when stock markets around the world crashed. The crash began in Hong Kong and spread west to Europe, hitting the United States after other markets had already sustained significant declines. The Dow Jones Industrial Average (DJIA) fell exactly 508 points to 1 738.74 (22.61%). In Australia and New Zealand, the 1987 crash is also referred to as ‘Black Tuesday’ because of the time zone difference.
The terms Black Monday and Black Tuesday are also respectively applied to October 28 and October 29, 1929, which occurred after Black Thursday on October 24, which started the Stock Market Crash of 1929.
After Black Monday, regulators overhauled trade-clearing protocols to bring uniformity to all prominent market products. They also developed new rules, known as ‘trading curbs’ or colloquially as circuit breakers, allowing exchanges to temporarily halt trading in instances of exceptionally large price declines in some indexes
Most notable historic snippets or facts extracted from the book ‘On This Day’ first published in 1992 by Octopus Publishing Group Ltd, London, as well as additional supplementary information extracted from Wikipedia.
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