New York Stock Exchange
Mini-Crash of 1989
New York City, New York, U.S.
Subsequently, there was another major drop for the Dow on October 13, 1989—the Mini-Crash of 1989. The crash was apparently caused by a reaction to a news story of a $6.75 billion leveraged buyout deal for UAL Corporation, the parent company of United Airlines, which broke down. When the UAL deal fell through, it helped trigger the collapse of the junk bond market causing the Dow to fall 190.58 points or 6.91 percent.