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Refers to October 19, 1987, when the Dow Jones Industrial Average fell 508 points on the heels of sharp drops the previous week. On Monday, October 27, 1997, the Dow dropped 554 points. While the point drop set a new record, the percentage decline was substantially less than in 1987.
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October 28, 1929. The date of one of the large stock market crashes that presaged the Great Depression. While the Great Depression had already begun in some areas, Black Monday, which followed Black Thursday, showed that the crash of the previous week was not a one-time event and helped mark the end of the speculative bubble that had characterized most investing in the 1920s. Black Tuesday followed the next day. The Great Depression contributed to the formation of most regulation still in force today.
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A widely used reference to October 19, 1987, the day the Dow Jones Industrial Average dropped a record 508 points, or nearly 23%. Disarray in the financial markets resulted from a combination of trade deficits, budget deficits, and potential government regulation of mergers and issuance of junk bonds.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.