Which 1989 event triggered the stock-market crash known as the October 1989 mini-crash in the United States?

The failure of a proposed United Airlines buyout triggered the October 1989 mini-crash in the United States.

On October 13, 1989, the Dow Jones Industrial Average fell 190.58 points, or 6.91%, in a sharp one-day decline. The immediate catalyst was news that a leveraged buyout of United Airlines, backed by the airline’s employees and a group of investors, would not proceed. The failure raised fears about highly leveraged corporate takeovers and the availability of financing.

The episode was sometimes called the Friday the 13th mini-crash. It occurred two years after Black Monday in October 1987, but it was substantially smaller and did not produce the same worldwide market shock. Other concerns, including falling bond prices and worries about debt-financed acquisitions, added to the selling.

A common confusion is identifying October 1989 as another Black Monday. The 1989 decline happened on a Friday, and the exact trigger was the collapse of the United Airlines deal, not the 1987 crash itself.