On Monday, September 29, 2008, there was a record 777-point drop in the Dow Jones Industrial Average--an 8.77% drop--leading bloggers and pundits to refer to the day as "Black Monday."New York Times: For Stocks, Worst Single-Day Drop in Two Decades (September 29, 2008) It was not the first time the phrase had been used in a financial context. Just weeks earlier, the label had been affixed to September 15, which saw a 504-point decline. The original Black Monday stock market crash of 1987 remains the largest one-day stock market decline in in terms of percentage of the Dow: a drop of 22.6%.New York Times: For Stocks, Worst Single-Day Drop in Two Decades (September 29, 2008)
September 15
On Monday, September 15, 2008, Lehman Brothers filed for bankruptcy and Merrill Lynch merged with Bank of America. The day of financial turmoil concluded with a 500-point drop in the Dow Jones Industrial Average and had been labeled "Black Monday," until the record-breaking September 29 crash.
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Reaction to Congress' rejection of the Emergency Economic Stabilization Act of 2008
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On September 15, Dow Jones Industrial Average fell 504.48, or 4.42 percentMSNBC: Dow falls 500 points in worst day... (September 15, 2008)
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The Black Monday of 1987 saw a 508-point, 22.6% drop in the Dow, which remains the highest percentage drop in history
