Every trader vividly remembers October 24, 2008. Stock markets around the globe faced a catastrophic day now referred to as “Bloody Friday.” The financial crisis unfolding since 2007 reached new panic levels, leading to steep market losses in countries from the United States to Europe and Asia. This massive sell-off underscored the widespread fear and instability that rocked the global economy.

Fun Facts:

• October 24, 2008, was a day of unprecedented market turmoil. Global stock markets witnessed massive drops, with some exchanges losing as much as 10% of their value in a single day. The severity of the financial bloodbath that day earned it the grim moniker of ‘Bloody Friday.’
• The crash was part of the more significant global financial crisis, which began in 2007 due to the collapse of the housing market and the failure of major financial institutions. By late 2008, the crisis had escalated into a full-scale international meltdown.
• The crisis was not confined to a single region. Major stock exchanges across Europe, including London, Paris, and Frankfurt, recorded significant losses. The shockwaves were also felt in Asian markets, with Tokyo and Hong Kong witnessing sharp declines.
• The Dow Jones Industrial Average fell by nearly 300 points in the United States. However, it was a slight recovery compared to even worse losses earlier in the month, including the 777-point drop on September 29, 2008.
• Governments worldwide stabilize their economies, enacting emergency measures such as bank bailouts, liquidity injections, and interest rate cuts. The U.S. government passed the Troubled Asset Relief Program (TARP), a $700 billion bailout package to rescue the financial sector.
• The economic fallout from the crisis led to a severe global recession, with millions of people losing jobs, homes, and savings.