This Day in Financial History - October 27 . . .

1923 - The greatest bull market of the 20th century begins after the Dow Jones Industrial Average closes the day at 85.76. It lasts nearly 6 years and lifts stocks by 344.5% until the Dow hits 381.17. (Then, beginning in 1929, the Great Crash pulls stocks down by 89%, erasing nearly all these gains.) Source: Ned Davis Research; Phyllis S. Pierce, ed., The Dow Jones Averages 1885-1980 (DowJones Irwin, Homewood, IL, 1982), not paginated;

1997 - As U.S. investors panic over the "Asian contagion" financial crisis, the Dow Jones Industrial Average plunges 554.26 points, or 7.2%, its worst point loss yet (but only the 12th-worst in percentage terms). The New York Stock Exchange closes a half-hour early as its circuit breaker" rules kick in for the first time ever. Only 182 stocks are up while 2937 fall. The front page of The New York Post screams: DON'T PANIC! Good idea: by yearend the Dow is 10.4% higher. Source: The New York Post, October 28, 1987, p. 1; The Wall Street Journal, October 28, 1987, p. C1; Yale Hirsch, 2000 Stock Trader's Almanac (Hirsch Organization, Old Tappan, NJ, 1999), pp. 149, 154; John A. Prestbo, ed., The Market's Measure: An Illustrated History of America Told through the Dow Jones Industrial Average (Dow Jones, New York, 1999), p. 111; Peter Keating, Falling Down, Money Magazine, March 1998, p. 87.

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