The 1997 Asian financial crisis causes a crash in the Dow Jones Industrial Average.

1997 Asian financial crisis

The 1997 Asian financial crisis gripped much of East and Southeast Asia during the late 1990s. The crisis began in Thailand in July 1997 before spreading to several other countries with a ripple effect, raising fears of a worldwide economic meltdown due to financial contagion.…

October 27, 1997, mini-crash

Global stock market crash during the 1997 Asian financial crisis

On October 27, 1997, a global stock market crash was caused by an economic crisis in Asia, the "Asian contagion", or Tom Yum Goong crisis. The point loss that the Dow Jones Industrial Average suffered on this day currently ranks as the 18th biggest percentage loss since the…