Black Monday began on October 19, 1987, and is widely described as the first modern global financial crisis.
The crash started in Hong Kong before spreading through Europe and the United States. On the named Monday, the Dow Jones Industrial Average fell 22.6%, while other major markets also recorded extraordinary losses. The synchronized international declines showed how increasingly connected financial markets had become.
The crisis did not produce a prolonged economic depression comparable to the 1930s. Many markets stabilized after the initial shock, helped by central-bank assurances and emergency liquidity measures. Nevertheless, the event changed financial regulation and trading practices.
Black Monday is easily confused with Black Tuesday, the nickname for October 29, 1929, and Black Thursday, the name for October 24, 1929. The 1987 event is identified by the Monday date and by its exceptional worldwide speed.