The worst day in Wall Street history

The Worst Day in Wall Street History , by New York Times bestselling author Diana B. Henriques, is a cautionary tale that chronicles the 1987 financial crisis and how the U.S. financial system nearly collapsed.

Nicknamed "Black Monday," October 19, 1987, was by far the worst day in Wall Street history. The Dow Jones Industrial Average, one of the main indicators of the US financial market, fell a shocking 22.6%, a percentage decline almost twice as large as the worst day of the 1929 financial crisis. Not even the terrorist attacks of September 11, 2001, the 2008 crash, and the declaration of the Covid-19 pandemic in 2020 caused such a massive impact on US stock market indices in a single day.

Experts disagree as to the reason for such a sharp devaluation, but they agree that new factors, such as the use of computerized tools in financial trading and herd behavior, have given rise to a new type of crisis, which still threatens the survival of the financial market as we know it today.

Drawing on extensive research and dozens of exclusive interviews, Diana B. Henriques tells a story of missed opportunities, market illusions, and destructive actions, ranging from a 1980 silver price scandal to the role of Washington regulators and the rivalry between the Chicago and New York stock exchanges. As events unfolded, the impending market collapse was unavoidable, even after unexpected heroes stepped forward to prevent an even greater disaster.

More than thirty years have passed, and investors, regulators, and bankers seem to ignore the lessons of 1987, even when the signs have repeated themselves in terrifying ways, as in the 2008 financial crisis . The worst day in Wall Street's history presents this episode as a way not only to analyze the mistakes of the past, but to warn against their repetition.

“An excellent cautionary tale that should be on the bedside tables of politicians and investors—and everyone involved in the financial system.” – The Washington Post

"Solid economic report. Investors who remember the events of thirty years ago will be in for a shock again, especially when the author suggests the worst may be yet to come." – Kirkus Reviews

“A faithful, responsive, and deeply researched narrative... It's a must-read for anyone who wants to understand why financial markets lurch from crisis to crisis and remain frighteningly susceptible to crashes.” – Publishers Weekly