by Craig Martin, MSFS, CFP®, CLU, ChFC
Today is my 67th birthday. True! But no, I didn’t think that momentous occasion had enough universal appeal to force you to read about it. Today is the Silver Anniversary of Black Monday: October 19, 1987, the day of the largest ever one-day stock market decline.
To remind you…
Black Monday, By the Numbers
- Dow Jones Opening Value: 2248
- Dow Jones Closing Value: 1738
- Loss in Market Value: $500 Billion
- Market Decline: 22.6%, which still ranks as the largest percentage drop in one day
- Cause of Black Monday? Unknown
A closing thought about the “disaster” of Black Monday from someone with almost 40 years in the financial planning industry:
I bet you probably don’t remember the details I listed above describing what happened on Black Monday. Take heart, it really doesn’t matter that you may not remember, because…
The Dow Jones closed on December 31, 1987 at 1939. But do you know what it is today?
Which represents nearly a 6x return on a dollar invested the morning of Black Monday.
Yes, the markets have recovered fully since then, and as I think about it, this is the story of EVERY market movement.
As for me, all is well in spite of my age. For sure, I am very grateful for my health and all the people in my life, including Peggy who is my wife, my family, friends and acquaintances, and especially our family business.