October 19, 1987: Black Monday Plunges the World Into Recession
Today in 1987, stock markets around the world crashed significantly, leading to another Black Monday (Black Tuesday in Australia and New Zealand). It still remains the largest single-day drop in the history of the Dow Jones Industrial Average, falling 22.61%. The crash began in Hong Kong and quickly spread across Europe and to the United States. New Zealand had a particularly hard time recovering due to the refusal of the Reserve Bank of New Zealand to loosen monetary policies in response to the crash.