Which 1989 stock-market crash in the United States occurred after the leveraged buyout of UAL Corporation failed?

The 1989 U.S. stock-market crash following the failed UAL Corporation buyout was called the Friday the 13th mini-crash.

On Friday, 13 October 1989, investors learned that a leveraged buyout of UAL Corporation had collapsed. UAL, the parent company of United Airlines, was expected to be acquired in a highly leveraged transaction, but the financing arrangement failed. The news helped trigger heavy selling in U.S. markets.

The Dow Jones Industrial Average fell 190.58 points, or about 6.9%, that day. The decline was especially sharp in technology and other heavily traded shares, and it occurred only two years after Black Monday in 1987.

The event is often called a mini-crash because it was severe but shorter and less globally destructive than the 1987 crash. It is also known as the October 1989 crash. The date explains the “Friday the 13th” label; the name does not refer to a recurring market phenomenon.