Just when you thought hair-raising ghosts and creepy crawlies were the biggest scares this month…
Welcome to October, one of the most feared months on the financial calendar. Why? Take a look back in history, for precedence:
- The Bank Panic of October 1907. This six-week financial panic led to multiple bank runs, widespread public distrust and heavy panic-selling at the exchange. Halted by a J.P. Morgan-led Wall Street conglomerate, the crisis. led to the formation of the Federal Reserve System.
- The Wall Street Crash of October 1929 (the Great Crash). Described as a “bloodletting on an unprecedented scale,” a combination of low wages, rising debt, a fraught agricultural sector and unfettered market speculation led to billions of dollars lost and many bankruptcies … and, eventually, the Great Depression.
- Stock market crash of October 1987 (Black Monday). Known as the first contemporary global financial crisis, this chain reaction of market calamity sent international stock exchanges plummeting over several hours. The Dow Jones Industrial Average (DJIA) fell 23% on this unhappy day.
To break the cycle, market experts advise keeping a clear head as the leaves start to turn. Relying on your investing knowledge, experience and technical skill – rather than emotion – will help you navigate whatever the financial future holds.
About the author: Shauna Osborne first published this article in Treesdale Life in October 2022.
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