Which 1989 U.S. market crash followed the leveraged buyout of United Airlines and became known as the Friday the 13th mini-crash?

The Friday the 13th mini-crash occurred on 13 October 1989, when U.S. stock markets fell sharply after the proposed $6.75 billion leveraged buyout of United Airlines collapsed. The Dow Jones Industrial Average dropped 190.58 points, then a record one-day point decline.

The buyout's failure raised fears about junk-bond financing and the health of highly leveraged corporate deals. Selling accelerated through the afternoon, and the Dow lost about 6.9%. Although the decline was severe, it was brief compared with the 1987 worldwide crash.

The event exposed how takeover finance and derivatives could affect broad equity markets. It also unsettled investors already worried about interest rates and slowing economic growth. Markets recovered much of the loss in subsequent sessions, preventing a prolonged bear market.

The nickname distinguishes this episode from Black Monday, which refers primarily to 19 October 1987. It is called a “mini-crash” because the fall was concentrated in one session and did not produce the same global collapse.