What was the October 1989 U.S. market crash called after the collapse of a United Airlines buyout deal?

The October 1989 U.S. market crash following the collapse of a United Airlines buyout deal was called the Friday the 13th mini-crash.

On Friday, October 13, 1989, the Dow Jones Industrial Average fell 190.58 points, a decline of about 6.9%. The immediate trigger was the breakdown of a highly leveraged buyout proposal for UAL Corporation, the parent company of United Airlines. Investors worried that the failed deal signaled wider problems in leveraged finance.

The episode came only two years after the much larger October 1987 global crash, but it was a separate event. Its losses were concentrated in a single trading session and did not develop into a prolonged collapse comparable to 1987.

The name reflects the calendar date rather than a company nickname. UAL shares themselves fell sharply, while broader concerns about junk bonds, corporate takeovers, and debt financing intensified the selling.