6.5小时蒸发5000亿美元！华尔街的“黑色星期一”究竟发生了什么？

Core Viewpoint - The article discusses the catastrophic stock market crash on October 19, 1987, known as "Black Monday," which saw the Dow Jones Industrial Average drop by 508 points, a staggering 22.6% decline, marking the largest single-day drop in history, surpassing the 12.8% drop during the Great Depression [1][7][20]. Market Reaction - On October 14, 1987, the U.S. Treasury Secretary announced an oil embargo against Iran, which led to rising bond yields and growing unease among traders [3]. - The Dow Jones index experienced a significant drop of 108 points on October 16, 1987, indicating the beginning of market instability [3]. - On October 19, 1987, the market opened with overwhelming sell orders, leading to a rapid decline in the Dow, which fell 67 points by 9:30 AM and continued to drop throughout the morning [5][7]. Global Impact - The crash was not confined to the U.S. markets; Asian markets were hit first, with the Hong Kong Hang Seng Index plummeting 11.3%, leading to a four-day market closure [8]. - European markets followed suit, with the London FTSE index dropping 10.8%, marking its largest single-day decline [10]. Individual Experiences - Traders and fund managers faced significant losses, with one trader recalling a loss of approximately $30-40 million [10][12]. - The day was marked by panic, with traders overwhelmed by the volume of sell orders and the rapid market decline [12]. Government Response - In response to the crisis, the U.S. government initiated a market rescue operation, with the newly appointed Federal Reserve Chairman Alan Greenspan facing immense pressure to stabilize the situation [12][14]. - The Federal Reserve announced its readiness to provide liquidity support and began purchasing government bonds to encourage lending, which helped to calm market fears [14]. Recovery - The market rebounded quicker than expected, with the Dow recovering half of its losses by the end of 1987 and fully recovering within two years [15]. - The crash led to regulatory changes, including the introduction of circuit breakers to prevent similar occurrences in the future [16][20]. Causes of the Crash - The article highlights that program trading was a significant factor in exacerbating the market decline, although it was not the root cause [16]. - Global monetary policy coordination failures and the effects of market globalization were also cited as contributing factors to the crash [18].