What was the name of the sharp U.S. market decline on October 13, 1989, linked to a failed United Airlines buyout?

The sharp U.S. market decline on October 13, 1989, was called the Friday the 13th mini-crash. The Dow Jones Industrial Average fell 190.58 points, or 6.91 percent, in a single session.

The immediate catalyst was the collapse of a proposed leveraged buyout of UAL Corporation, the parent company of United Airlines. Investors had expected financing for the deal, but the arrangement broke down. That failure intensified concerns about leveraged acquisitions and the availability of credit.

The decline was concentrated in the United States but affected other markets as well. It followed the global 1987 crash by two years and preceded the early-1990s recession, though it was much shorter and less systemically damaging than the 1987 episode.

This event is sometimes confused with Black Monday. Black Monday usually means October 19, 1987, when markets around the world plunged, or October 28, 1929, depending on context. The 1989 episode is specifically known as the Friday the 13th mini-crash.