513 points (6.4%)
Some of the very stocks that lifted Wall Street to stratospheric heights in the late '90s like Yahoo! and America Online sent the markets spiraling south. Analysts viewed this bearish run as simple market correction: once in-favor stocks could no longer rise higher, they were bound to come back to earth. It just happened a little more quickly than anyone expected, as confidence among investors had fallen due to reports of a drop in new home sales and business deterioration among domestic manufacturers.
Next October 27, 1997