20th anniversary of Black Monday

Friday, October 19, 2007, 12:24 AM
Stocks by John

In the spirit of being cheerful, I thought I'd mention that 20 years ago today the stock market had its largest single-day drop, 22.6%.

Market theorists have still never fully accounted for why the drop occurred. Obviously, some automated trading systems were in play. In the end, though, intrinsic valuation, even as push through machines, still counts.

In other words: sometimes the market is nuts.