Which 1989 event caused a sharp one-day U.S. market drop after a leveraged buyout of United Airlines collapsed?

The Friday the 13th mini-crash caused a sharp one-day U.S. market drop after a leveraged buyout of United Airlines collapsed.

The event occurred on Friday, October 13, 1989. The Dow Jones Industrial Average fell 190.58 points, or about 6.9 percent, in a single session. The immediate market shock followed the failure of a proposed leveraged buyout of UAL Corporation, the parent company of United Airlines.

The transaction had been expected to provide a major source of financing and had influenced investor expectations. When the deal failed, markets reacted abruptly. The decline was concentrated in a single day and was much smaller in scale than the October 1987 crash, but it attracted attention because of its suddenness and the calendar date.

The event is called the Friday the 13th mini-crash or the Friday the 13th crash. It should not be confused with Black Monday, which refers to October 19, 1987, or with the October 1989 global market turbulence more broadly. The United Airlines deal provides the most specific identifying clue.