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Black Monday

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posted by Ruairidh MacVeigh alias Rorymacve Part II on Thursday 19th of October 2017 05:22:21 PM

Today (19/10/2017) marks the 30th anniversary of one of the worst stock market crashes of all time, Black Monday. Black Monday came about following a peak in the economic recovery of the stock markets from several mini depressions in the early 1980's. Once the economy had plateaued in August of that year (at one of the highest recorded figures in modern history), it began a gradual decline through September, but the trouble truly came during the space of a few short days in October. Starting on the 14th, the Dow Jones on Wall Street closed with a 95 point drop, which left the stock markets shuddering. This was followed the next day by attacks on U.S. oil ships in Kuwait by the Iranian air force, again making the stock markets rumble. The day after that, the Great Storm of 1987 struck the UK and France, a storm so devastating that the FTSE in London was forced to close abruptly at midday on Friday the 16th. The result was the Dow Jones closing with a 108 point drop, a horrendous figure that left investors quaking in their boots. Come Monday October 19th, with the rising of the sun came the crash as stock markets opened to find their value in the toilet. In the space of a few hours, thousands of investment bankers and stock brokers were ruined and the future of the global economy was in serious doubt. Black Monday proved to be the largest one-day percentage decline in the history of the world, a record that, at present, remains unbeaten. The crash, however, was surprisingly brief given the scale of the downturn, with fortunes being reversed the following day when traders began doing business again and, by 1989, all the stocks lost on that day were regained. Regardless though, it was a particularly scary and damaging day for many, with all forecasts predicting an economic depression the likes of which wasn't seen until the Credit Crunch of 2008.

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  • Published 08.12.22
  • Resolution 1024x324
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  • File Size 19960 byte.

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