Ghosts Of Black Monday Hit Friday As NYSE Tumbled On 25th Anniversary

Monday, October 22, 2012 07:59
Ghosts Of Black Monday Hit Friday As NYSE Tumbled On 25th Anniversary

Tags: investing | NYSE | US investing

Friday’s stock market drop gave off eeriness reminiscent of another October 19 back in 1987. That day was one of the darkest days ever and news stories abounded, with some revisiting the stories that were printed that day and throughout the following week.

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The Wall Street Journal ran an interactive version of its front page news stories that day. It highlighted some of the comments of the pundits of the day, which focused on speculation that a 30s-like depression may be in the offing.
Traders on October 19, 2012 felt the market drop was nothing more than coincidence and futures looked higher for the open on Monday, October 22.
But the ghost of 1987 was definitely felt as many remembered the electric shock sent through the financial markets during the largest single-day drop in history. That week, the S&P 500 lost 28.5% of its value.
It was the 25th anniversary of Black Monday.
For some traders, October 19, 1987 was a first day on the job they will never forget. For others, what should have been one of their best days turned into the absolute worst.
The eeriness came from everyday people on the street. Instead of panic, they were going around eating hot dogs. Several traders said that kept them sane.
You can go here to read the WSJ interactive articles and here to view videos from that famed day back in 1987.

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