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Article: Shudders on memory lane for Wall Street in '87. (stock market crash) (San Diego Business Journal-15th Anniversary 1987)
- Article from:
- San Diego Business Journal
- Article date:
- December 19, 1994
- Author:
CopyrightCOPYRIGHT 1994 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Hints that Wall Street's bubble was about to burst were in the air in the days preceding the big stock market crash of 1987.
On the Wednesday before Black Monday's 508-point descent, the Dow Jones Industrial average fell by 95 points; Thursday it dropped 57 points; and, by Friday, it sank by 108, setting the stage for a massive sell-off when the Street opened Monday, Oct. 19.
"It was something like the Northridge earthquake," said Frank Mollenhauer, president of E.S. Hope Financial in San Diego. "There was no way to know what was going on or what the prices on stocks were, they were dropping so fast, and we couldn't answer the phones fast enough."
The ...