Black Monday (not to be confused with Black Friday — that awesome shopping discount period where people literally fight to buy cheap TVs) happened 30 years ago today.
It was one of the worst days in stock market history.
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The crash began in Asia and then went on to London before smashing into New York where the Dow Jones Industrial Average plummeted 22.6 per cent in one day.
Black Monday was sparked by several reasons including falling oil prices, tensions between the US and Iran and a general slowdown in the American economy.
The crash was first felt in Asia, then went on to London and New York (Picture: AP Photo/Peter Morgan, File)
The Dow Jones Industrial Average was down 22.6 per cent in one day (Picture: Getty Images)
Computers automatically traded stocks as the market fell (Picture: Getty Images)
Black Monday was sparked by a fall in oil prices (Picture: Getty Images)
A trader looks on in disbelieve and (Picture: Getty Images)
But computers fanned the flames. Electronic trading was fairly new when the crash happened in 1987.
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The stock exchange had a system in place whereby computers would automatically trade stocks when the time was right. On this day, it sold stocks left, right and center as the market crashed — making it fall even further.
The day was so bad that hospitals saw a spike in admissions. People were literally breaking down on the stock exchange floor.
Despite the severity of the dip, it didn’t cause a recession or have any long-lasting impacts on the economy. The Dow index has risen by around 1,000 percent since.
Despite the severity of the crash, the market bounced back (Picture: Getty Images)
People working on the trading floor of the New York Stock Exchange (Picture: William Foley/The LIFE Images Collection/Getty Images)
The Dow Jones Industrial Average dropped a record 108. 36 in one day (Picture: Getty Images)
The day was so bad people were taken to hospital suffering from anxiety and panic attacks (Picture: Getty Images)
They said computers fanned the flames on Black Monday (Picture: AP Photo/Peter Morgan, File)
Traders looked panicked as the market crashes (Picture: AP Photo/Peter Morgan, File)
Traders on the floor of the New York Stock Exchange watch monitors for transactions (Picture: AP Photo/File) Front Page of Daily Mail 21st October 1987 (Picture: Daily Mail)