Economy
Related: About this forumOn this day, October 19, 1987, Black Monday, the Dow Jones Industrial Average fell by 22.6 percent
I had just started a new job. The old timers saw a lot of money disappear that day.
DJIA (June 19, 1987, to January 19, 1988)
FTSE 100 Index of the London Stock Exchange (June 19, 1987, to January 19, 1988)
Black Monday is the name commonly given to the global, sudden, severe, and largely unexpected stock market crash on October 19, 1987. In Australia and New Zealand, the day is also referred to as Black Tuesday because of the time zone difference from other English-speaking countries. All of the twenty-three major world markets experienced a sharp decline in October 1987. When measured in United States dollars, eight markets declined by 20 to 29%, three by 30 to 39% (Malaysia, Mexico and New Zealand), and three by more than 40% (Hong Kong, Australia and Singapore). The least affected was Austria (a fall of 11.4%) while the most affected was Hong Kong with a drop of 45.8%. Out of twenty-three major industrial countries, nineteen had a decline greater than 20%. Worldwide losses were estimated at US$1.71 trillion. The severity of the crash sparked fears of extended economic instability or even a reprise of the Great Depression.
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Fiendish Thingy
(15,587 posts)Our retirement portfolio weathered the crashes of 87, 2001, and 2008, and went on to regain lost ground and continue to grow at a respectable rate. Of course, we have invested in a moderate, balanced, diversified portfolio, so our risks were mitigated.
PJMcK
(22,034 posts)The markets always win in the long term.
However, thousands of people lost their jobs following that crash and tens of thousands more were severely impacted by those events.
Glad you were among the lucky ones.
Fiendish Thingy
(15,587 posts)Fortunately, I wasnt in the tech industry.
So many tech workers lost their jobs that my commute (from Santa Cruz to Silicon Valley) went from almost 90 minutes to less than an hour.
mahatmakanejeeves
(57,413 posts)PJMcK
(22,034 posts)I still shudder when I think of the after-effects of that crash.
Tomconroy
(7,611 posts)mahatmakanejeeves
(57,413 posts)Last edited Tue Oct 19, 2021, 12:26 PM - Edit history (5)
Here's Wall $treet Week with Louis Rukeyser from the Friday before Black Monday. Marty Zweig was as downbeat as I'd ever seen him. The gloom begins at 6:45 in the first video.
198,246 views Jul 13, 2008
crashof1987
904 subscribers
First 10 minutes of Wall Street Week episode from Friday October 16, 1987 just prior to the market crash on black Monday. Hosted by Louis Rukeyser, guests included Martin Zweig, Marry Farrell, Louis Holland and Allen Sinai.
32,316 views Jul 13, 2008
crashof1987
904 subscribers
Second 10 minutes of Wall Street Week episode from Friday October 16, 1987 just prior to the market crash on black Monday. Hosted by Louis Rukeyser, guests included Martin Zweig, Marry Farrell, Louis Holland and Allen Sinai.
Here it is, all at once.
4,108 views Oct 12, 2019
Investors Journal
12.1K subscribers
First 10 minutes of Wall Street Week episode from Friday October 16, 1987 just prior to the market crash on black Monday. Hosted by Louis Rukeyser, guests included Martin Zweig, Marry Farrell, Louis Holland and Allen Sinai.
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Mutual fund manager
Zweig appeared regularly on PBS television's Wall $treet Week with Louis Rukeyser, and in 1992 he was voted into the program's Hall of Fame. It was on that very program that he stated on 16 October 1987, that he was deeply worried and did not like what he saw in the stock market. The 1987 stock market crash occurred on 19 October 1987. At the time of his death Zweig was the chairman of Zweig-DiMenna Associates, Inc. He is also featured in John Reese's recent book, The Guru Investor: How to Beat the Market Using History's Best Investment Strategies.
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Tomconroy
(7,611 posts)Week of 24 hour cnbc.
Auggie
(31,167 posts)Thanks for posting these videos.