Looking Back – 1987 crash, the aftermath

Looking Back – 1987 crash, the aftermath
Brian Gaynor
Part 4 – the end of the dream – October 1987On Friday Oct 16, 1987, Wall Street’s Dow Jones Industrial Average fell 4.6 percent to 2246.74 on record volumes. The sharp decline was in response to poor US trade figures.On the following Monday, the benchmark NZX capital index dropped 4.3 percent and later that day Wall Street plummeted 22.6 percent.Reality hit New Zealand on Tuesday Oct 20 when the NZX index plunged 14.7 percent to 2959.26, compared with an all-time high of 3968.89 in September.There was no respite for the NZX af...

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