What was the name commonly given to the October 13, 1989 U.S. market plunge after the United Airlines buyout failed?

The October 13, 1989 U.S. market plunge after the United Airlines buyout failed was commonly called the Friday the 13th mini-crash.

The immediate trigger was the collapse of a proposed leveraged buyout of United Airlines. Investors had expected the transaction to proceed, and its failure raised concerns about highly leveraged corporate acquisitions and the ability of financial markets to support them.

The Dow Jones Industrial Average fell 190.58 points, or about 6.9%, in a single session. The decline was especially sharp in the final hours of trading and followed a period of strong gains earlier in the year. The event also affected markets outside the United States, particularly in countries with close financial links.

It is called a mini-crash because its scale and duration were smaller than the 1987 crash. The name can be confused with Black Friday or other market nicknames, but the distinctive label combines the date with the event’s comparatively limited scope.