The October 27, 1997, global stock-market sell-off linked to the Asian financial crisis was nicknamed the Mini-crash.
On that day, the Dow Jones Industrial Average fell 554.26 points, or 7.18%. The drop triggered the New York Stock Exchange’s newly established circuit breakers, which halted trading temporarily when losses became severe.
The sell-off followed months of turmoil in Asian markets. Thailand had devalued the baht in July 1997, and financial stress spread across Indonesia, South Korea, Malaysia, and other economies. Investors became concerned that the crisis could damage global growth and corporate earnings.
The event was called a “mini-crash” because its decline was sharp but shorter-lived than the 1929 or 1987 collapses. The Dow recovered much of the loss soon afterward, although the Asian crisis continued into 1998.