Here's What The News Was Like On 'Black Monday'

Over the weekend we highlighted some memories of some market pros who were there on the day, and an almost eerily accurate call from one of the top strategists at the time.

But if you dig into the YouTube archives, you’ll also find some amazing video in the form of the full Nightly Business Report broadcast from October 19, 1987.

Before CNBC came on the air in 1989, Nightly Business Report was broadcast daily on public television, and was the main way the public was able to stay abreast of developments in the financial market.

Today, we can only imagine what a similar decline would be like given the real-time nature of financial television (though current stock market regulations are designed prevent a 22% single-day decline). 

But either way, the Nightly Business Report broadcast from Monday, October 19, 1987 is great snapshot of a huge moment in stock market — and US — history. 

Here are some highlights from the report.

Neil Cavuto, from way back, reporting from outside the New York Stock Exchange.

Paul Kangas has several minutes giving an incredible rundown of the damage across the stock market.

Brutal. Given the Dow’s current level, it would take a point drop of about 3,600 points in one day to replicate the 22.5% decline in the Dow on Black Monday.  

Volume on Black Monday was a massive record, and the market still hadn’t settled at broadcast time.

Those breadth numbers are insane.


Every index got crushed.

Widely held companies in 1987. How many are still around?

Kangas: “Just mindless selling all the way around here.”

Gold miners were about the only stocks that had a good day.

Sometimes, it almost seems impossible that the Fed Funds rate was north of 7%.

Dean Shepherd, Linda O’Bryon, and Paul Kangas sign off. 

What a day.

You can watch the first part of the Nightly Business Report broadcast below, and parts two and three here and here.

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