The “Friday the 13th mini-crash” occurred on October 13, 1989, in US financial markets.
The Dow Jones Industrial Average fell 190.58 points, or about 6.9%, in one trading session. The decline followed the collapse of a proposed leveraged buyout of United Airlines’ parent company, UAL Corporation, although broader market concerns also contributed.
The deal had involved substantial borrowing, and its failure raised questions about the market for leveraged buyouts and high-yield debt. Investors sold shares rapidly, producing a sharp fall that was much smaller than Black Monday in 1987 but still historically notable.
The crash’s nickname comes from the calendar date rather than from a formal exchange designation. It is sometimes confused with other Friday-the-13th market declines, but the phrase specifically refers to the October 1989 event and its connection with the failed UAL buyout.