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Wall Street History

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10/19/2007

Black Monday

The Crash by the numbers

8/12/82 776 Dow Jones Industrial Average bottoms*

12/31/82 1046
12/31/83 1258
12/31/84 1211
12/31/85 1546
12/31/86 1895

1/30/87 ..2158
2/27/87 ..2223
3/31/87 ..2304
4/30/87 ..2286
5/29/87 ..2291
6/30/87 ..2418
7/31/87 ..2572
8/25/87 ..2722 Dow Jones peaks, up 43.6% for the year
8/31/87 ..2662
9/30/87 ..2596

10/5/87 ..2640 159mm shares traded on NYSE
10/6/87 ..2548 175mm
10/7/87 ..2551 186mm
10/8/87 ..2516 198mm
10/9/87 ..2482 158mm

10/12/87 2471 141mm
10/13/87 2508 172mm
10/14/87 2412 207mm
10/15/87 2355 263mm
10/16/87 2246 338mm

10/19/87 1738 604mm down 22.6% for the day
10/20/87 1841 608mm
10/21/87 2027 449mm
10/22/87 1950 392mm
10/23/87 1950 245mm

10/26/87 1793 308mm
10/27/87 1846 260mm
10/28/87 1846 279mm
10/29/87 1938 258mm
10/30/87 1993 303mm

11/30/87 1833
12/31/87 1938

Source: “The Dow Jones Averages, 1885-1995,” edited by
Phyllis S. Pierce

On a closing basis, the Dow Jones never saw the 1738 mark from
Oct. 19 again. It closed at 1766 on Dec. 4, but that was as close
as it got.

*And the 776 low from 8/12/82? For you market junkies out
there, as I was looking up the numbers for this piece it hit me.
What’s the significance of 776? Why that is also the 10/9/02 low
in the S&P 500, the fifth anniversary of which we just celebrated.
Yes, 776! [To be exact, the Dow closed at 776.92 on 8/12/82
and the S&P 776.76 on 10/9/02.]

Lastly, I was reading a piece in Trader Monthly magazine on the
Crash and there is this quote from everyone’s favorite on the
floor of the New York Stock Exchange, Art Cashin.

7:00 a.m., Monday, Oct. 19, 1987

“When we came in, the market already looked like it would be
down 5 percent, which was a horrendous number. I remember
someone in the Luncheon Club was going past the breakfast
tables, and he turned to someone else and quoted from the
ancient Roman gladiators. He said, ‘We who are about to die
salute you.’ That’s how much people thought that it was going
to be a bloody Monday. The scale of it, however, was never,
ever dreamed of.”

---

Wall Street History returns next week.

Brian Trumbore



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-10/19/2007-      
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Wall Street History

10/19/2007

Black Monday

The Crash by the numbers

8/12/82 776 Dow Jones Industrial Average bottoms*

12/31/82 1046
12/31/83 1258
12/31/84 1211
12/31/85 1546
12/31/86 1895

1/30/87 ..2158
2/27/87 ..2223
3/31/87 ..2304
4/30/87 ..2286
5/29/87 ..2291
6/30/87 ..2418
7/31/87 ..2572
8/25/87 ..2722 Dow Jones peaks, up 43.6% for the year
8/31/87 ..2662
9/30/87 ..2596

10/5/87 ..2640 159mm shares traded on NYSE
10/6/87 ..2548 175mm
10/7/87 ..2551 186mm
10/8/87 ..2516 198mm
10/9/87 ..2482 158mm

10/12/87 2471 141mm
10/13/87 2508 172mm
10/14/87 2412 207mm
10/15/87 2355 263mm
10/16/87 2246 338mm

10/19/87 1738 604mm down 22.6% for the day
10/20/87 1841 608mm
10/21/87 2027 449mm
10/22/87 1950 392mm
10/23/87 1950 245mm

10/26/87 1793 308mm
10/27/87 1846 260mm
10/28/87 1846 279mm
10/29/87 1938 258mm
10/30/87 1993 303mm

11/30/87 1833
12/31/87 1938

Source: “The Dow Jones Averages, 1885-1995,” edited by
Phyllis S. Pierce

On a closing basis, the Dow Jones never saw the 1738 mark from
Oct. 19 again. It closed at 1766 on Dec. 4, but that was as close
as it got.

*And the 776 low from 8/12/82? For you market junkies out
there, as I was looking up the numbers for this piece it hit me.
What’s the significance of 776? Why that is also the 10/9/02 low
in the S&P 500, the fifth anniversary of which we just celebrated.
Yes, 776! [To be exact, the Dow closed at 776.92 on 8/12/82
and the S&P 776.76 on 10/9/02.]

Lastly, I was reading a piece in Trader Monthly magazine on the
Crash and there is this quote from everyone’s favorite on the
floor of the New York Stock Exchange, Art Cashin.

7:00 a.m., Monday, Oct. 19, 1987

“When we came in, the market already looked like it would be
down 5 percent, which was a horrendous number. I remember
someone in the Luncheon Club was going past the breakfast
tables, and he turned to someone else and quoted from the
ancient Roman gladiators. He said, ‘We who are about to die
salute you.’ That’s how much people thought that it was going
to be a bloody Monday. The scale of it, however, was never,
ever dreamed of.”

---

Wall Street History returns next week.

Brian Trumbore