What event is commonly associated with the U.S. stock-market crash that began in October 1989?

The collapse of a proposed United Airlines buyout was commonly associated with the U.S. stock-market crash that began in October 1989.

On 13 October 1989, the Dow Jones Industrial Average fell 190.58 points, or about 6.9 percent, in a decline often called the Friday the 13th mini-crash. The immediate market shock followed the breakdown of a leveraged buyout of United Airlines by a group led by management and airline pilots.

The deal depended on financing and complex debt arrangements. When doubts emerged about whether the transaction could be completed, investors sold shares and other securities. The episode demonstrated how leveraged acquisitions could affect broader markets, especially when investors were already sensitive to interest rates and debt levels.

The 1989 event was much smaller than Black Monday in 1987 and did not mark the beginning of a decade-long depression. It is sometimes confused with the October 1987 crash because both involved sharp U.S. equity-market falls and leveraged-finance concerns.