Which 1989 stock-market crash caused the Dow Jones Industrial Average to fall 6.9% on October 13?

The 1989 stock-market crash that caused the Dow Jones Industrial Average to fall 6.9% on October 13 was the Friday the 13th mini-crash. The decline was concentrated in a single U.S. trading session and was connected to fears surrounding a leveraged buyout.

Investors reacted to uncertainty over the proposed United Airlines buyout, which was being financed through debt and complex financial arrangements. When the deal appeared unlikely to proceed, selling spread through the market. The Dow dropped 190.58 points, a substantial loss at the time.

This event is sometimes overshadowed by the 1987 Black Monday crash, which was much larger in percentage terms. It is also distinct from the October 1989 market decline in Japan, where the Nikkei was affected by the bursting of an asset bubble. The 1989 U.S. mini-crash illustrates how deal-specific fears could trigger broad market selling.