The Crash: A Shock Felt Round the World

Stock markets plummet and climb between "hell and heaven"

Investors all over the globe were nervous even before markets opened on the historic day that came to be Black Monday, Oct. 19, 1987. On the previous Friday, the Dow Jones industrial average had suffered a record one-day ecline of 108.36 points, to 2246.73. The sense of imminent foreboding was evident as far away as Australia, where the Monday-morning sun rises over the acific while it is still Sunday afternoon in New York City.

MONDAY, OCTOBER 19

MELBOURNE, 10 A.M.

One of the first markets to open after Friday's Wall Street scare quickly signals the shocks to come. On a catwalk...