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Back in the Day : Black Monday

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Back in the Day : Black Monday


On October, 19, 1987, stock markets around the world crashed, shedding a huge value in a very short time. The crash began in Hong Kong and spread west to Europe, hitting the USA after other markets had already declined by a significant margin. The Dow Jones dropped by 22.61. The cause of this massive drop cannot be attributed to any single news event. One of the most popular explanations for the 1987 crash was selling by program traders.[ As computer technology became more available, the use of program trading grew dramatically within Wall Street firms. After the crash, many blamed program trading strategies for blindly selling stocks as markets fell, exacerbating the decline.

Also on October 19 : Napoleon I of France retreats from Moscow (1812), Italy takes possession of Tripoli in Libya from the Ottoman empire (1912), the convictions of the Guildford Four are quashed by the Court of Appeal of England and Wales, after they had spent 15 years in prison (1989), Mother Teresa is beatified by Pope Jean-Paul II (2003), Saddam Hussein goes on trial in Baghdad for crimes against humanity (2005)

Born on October 19 : the American abolitionist Cassius Clay (1810), France’s cinema pioneer Auguste Lumière (1862), the English novelist John le Carré (1931), the singer Gloria Jones (1945)

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