On this day, October 27th, in 1997, global stock markets experienced a “mini-crash.” The 1997 mini-crash refers to the global stock market crash that was started by an economic crisis in Asia. Hong Kong’s Hang Seng Index dropped 6% and these losses spread to the European markets where other indexes fell as well. As a result, the Dow, NASDAQ and S&P 500 all sank.

The drop in the Dow Jones Industrial Average is ranked the 8th biggest point loss in its existence, which dates back to 1896. The relatively small percentage loss is the reason why this crash was only a “mini” one as compared with some of the more notable ones.

The following day, there was a rapid recovery. The Dow came up in a matter of minutes and stock prices soared. One billion shares were traded on the New York Stock Exchange for the first time ever. After this crash, the markets still remained positive for the remainder of the year.