Which 1987 stock-market crash began in Hong Kong before spreading westward through global markets?

The 1987 stock-market crash began in Hong Kong before spreading westward through global markets. Hong Kong's Hang Seng Index fell sharply in October 1987, and selling then moved through markets in Europe and North America.

The global episode culminated on October 19, 1987, when the Dow Jones Industrial Average lost 22.6% in a single session. That percentage remains the largest one-day percentage decline in the Dow's history, although the crash's causes involved more than one market or event.

Analysts have cited portfolio insurance, computerized trading, overvaluation, trade tensions, and international market connections. The Federal Reserve, led by Alan Greenspan, supplied liquidity and encouraged banks to continue lending after the collapse.