Did you know? You can go to any day’s “This Day in History” page by simply entering the month and date after www.begintoinvest.com/
For example: www.begintoinvest.com/May-9
Or follow Begin To Invest on Twitter or Facebook for daily posts!
Prefer video? These are posted daily on our YouTube Channel (and embedded below)
Now, ‘This Day in History’ is also available as an Amazon Alexa Flash Briefing!
Quote of the Day
“An investor will succeed by coupling good business judgement with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about the marketplace. In my own efforts to stay insulated, I have found it highly useful to keep Ben’s Mr. Market concept firmly in mind.”
-Warren Buffett, in his 1987 letter to shareholders.
October 28th – This Day in Stock Market History – Black Monday 1929
October 28th, 1929 – “Black Monday” as the Dow Jones Industrial Average falls 12.83% in one day, down 38.33 points to a close of 260.64.
Trading was so intense at the close that the ticker was running 3 hours late.
The great depression is being felt in full force, but stocks would not bottom for 3 more years until July 8th 1932 when the Dow would close at 41.22.
Source: Devil Take the Hindmost
October 28th, 1997 – The Asian currency crisis selloff continues overseas. After a decline of 6% the day before, the Hang Seng index falls 14% in a single day.
But when U.S. markets opened, after being shut down early the day before after stock market “circuit breakers” tripped, the markets reversed. The Dow Jones Industrial Average would rise 337 points, on the first day in stock market history that 1 billion shares would be traded.
Source: The New York Times and Panic, Prosperity and Progress
October 28th, 2008 – Stocks stage a huge rally as the Dow Jones Industrial Average closes up 889 points to 9,065. At the time it was the Dow’s second largest point increase in history, for a near 11% jump.
The technology-focused Nasdaq Composite Index rose 9.5% to close at 1649.47, the Russell 2000 was up 7.6% to 482.55, and the S&P 500 was up 10.8% to close at 940.51.
The Dow was on pace for its worst month in history as it was down 17% going into this day in 2008.
However the rally would not last, stocks would fall another 30% before eventually bottoming in March 9th, 2009 with the S&P 500 at 666.
Best October 28th in Dow Jones Industrial Average History
2008 – Up 10.88%, 889.35 points.
Worst October 28th in Dow Jones Industrial Average History
1929 – Down 12.82%, 38.33 points.
Read of the Day
From the Archives: The quote of the day above is just one of the thousands of quotes from Buffett that have helped investors through the years. I have collected my favorites from his letters and archived them in an article here. Which one is your favorite?
41 Years of Buffett Quotes
<– Go Back One Day: October 27 (1997 Asian Flu, markets close early as circuit breakers trip)
Go Forward One Day: October 29, 1929 – Black Tuesday as stocks fall nearly 12%–>