High Quality Content by WIKIPEDIA articles! In finance, Black Monday refers to Monday, 19 October, 1987, when stock markets around the world crashed, shedding a huge value in a very short time. The crash began in Hong Kong, spread west through international time zones to Europe, hitting the United States after other markets had already declined by a significant margin. The Dow Jones Industrial Average (DJIA) dropped by 508 points to 1738.74 (22.61%). A degree of mystery is associated with the 1987 crash. Important assumptions concerning human rationality, the efficient-market hypothesis, and economic equilibrium were brought into question by the event. Debate as to the cause of the crash still continues many years after the event, with no firm conclusions reached. Following the stock market crash, a group of 33 eminent economists from various nations met in Washington, D.C. in December 1987, and collectively predicted that “the next few years could be the most troubled since the 1930s”. In fact, calendar year 1987 had an overall gain, as did 1988 and 1989.

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