Lessons From Black Monday, 25 Years Later

Crowds gather in front of a monitor in the window of Dean Witter Reynolds, checking on the course of the stock market the day after Black Monday Photograph by Marty Katz/Time Life Pictures/Getty

Twenty-five years ago, on Oct. 19, 1987, the Dow Jones Industrial Average plunged 508 points, or 22.6 percent. The anniversary of Black Monday is an opportunity to reflect on similarities between that era and this—volatility, investor distrust, concerns about the global economy—even as today’s market, dominated by high-speed trading algorithms, would be almost unrecognizable to the humans who shouted buy and sell orders on that panicked day.

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