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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.”
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Wall Street History returns next week.
Brian Trumbore
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