What an Anniversary Gift
The stock markets celebrated the 20th anniversary of Black Monday by sinking some 366 points of the Dow. Not exactly on the same scale percentage wise, but not too far away point wise from the worst one-day decline in the stock market history 20 years ago.
The 508 points drop of the Dow on October 19, 1987 was good enough to make the index lose nearly 23% of its value. Today, however, the 366 points only shed the benchmark by 2.64%.
Interestingly, when I checked my archive, I noticed that on the 19th anniversary of the crash (that was October 19, 2006), the Dow closed above 12,000 points the first time in its history. In one year, the Dow added 1,522 points, a nice gain over 13%.
But where are the markets going from here?
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yes, but the index is still up for the year. long term focus people.
I surely think the market was due for that pullback atleast. What was frustrating though, is that CNBC was frequently showing a documentary about the 87 crash which almost looked like they intended to increase the overall fear level.
Up?