FYI: At the end of a tumultuous week, few investors took note that Friday was the 31st anniversary of Black Monday—Oct, 19, 1987. The Dow Jones Industrial Average fell more than 500 points that session, or nearly 23%, making it the biggest daily drop in Wall Street history.
Of course, 500-point moves in the blue chips ain’t what they used to be.
The Dow popped up 548 points on Tuesday, but that amounted to less than a tenth of the percentage change of Black Monday. But after a 300-plus-point drop on Thursday, the industrials ended up all of 104 points, or just 0.4%, for the week. For the Standard & Poor’s 500, you need to go out another decimal place to register a change: up 0.02%. The Nasdaq Composite slipped 0.6%, which represented a deceleration of its three-week slide that now totals more than 7%.
Regards,
Ted
