Skip to main content
Publish date:

Callaway: Black Monday 1987 Is a Day I'll Never Forget

TheStreet looks back at the 1987 Black Monday stock market crash, when the Dow Jones Industrial Average plummeted more than 500 points.
Author:

David Callaway, CEO of TheStreet (TST) - Get TheStreet, Inc. Report , was a reporter at The Boston Herald newspaper during the time of the 1987 Black Monday crash.

"It was certainly a day I'll never forget," he said. 

The Dow Jones Industrial Average fell 508 points on October 19, 1987 to 1,738.74.

"A fall like that of 500 points then was like 5,000 points today," he said. "Can you imagine if the market fell 5,000 points in one day?"

TheStreet Recommends

Callaway pointed to the complexity of financial markets today, compared to 1987, which now contain dark pools.

"Back then there was the New York Stock Exchange, the American Stock Exchange, the Nasdaq and a couple of regional exchanges," he said. "Now, there are so many different places to trade."

Image placeholder title

Black Monday made headlines 30 years ago today. Check out our full Crash of '87 Special Report for the ultimate #TBT:

Originally published Oct. 19.