1997Oct, 27
Stock Market mini-crash: Stock markets around the world crash because of fears of a global economic meltdown. The Dow Jones Industrial Average plummets 554.26 points to 7,161.15.
The October 27, 1997, mini-crash is a global stock market crash that was caused by an economic crisis in Asia, the "Asian contagion", or Tom Yum Goong crisis (Thai: วิกฤตต้มยำกุ้ง). The point loss that the Dow Jones Industrial Average suffered on this day currently ranks as the 18th biggest percentage loss since the Dow's creation in 1896. This crash is considered a "mini-crash" because the percentage loss was relatively small compared to some other notable crashes. After the crash, the markets still remained positive for 1997, but the "mini-crash" may be considered as the beginning of the end of the 1990s economic boom in the United States and Canada, as both consumer confidence and economic growth were mildly reduced during the winter of 1997–1998 (with neither being strongly affected, compared to the rest of the world), and when both returned to pre-October levels, they began to grow at an even slower pace than before the crash.
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Events on 1997
- 19Jan
Hebron
Yasser Arafat returns to Hebron after more than 30 years and joins celebrations over the handover of the last Israeli-controlled West Bank city. - 21Jan
Newt Gingrich
The U.S. House of Representatives votes 395-28 to reprimand Newt Gingrich for ethics violations, making him the first Speaker of the House to be so disciplined. - 5Feb
The Holocaust
The so-called Big Three banks in Switzerland announce the creation of a $71 million fund to aid Holocaust survivors and their families. - 2Jun
Oklahoma City bombing
In Denver, Timothy McVeigh is convicted on 15 counts of murder and conspiracy for his role in the 1995 bombing of the Alfred P. Murrah Federal Building in Oklahoma City, in which 168 people died. He was executed four years later. - 1Jul
Tony Blair
China resumes sovereignty over the city-state of Hong Kong, ending 156 years of British colonial rule. The handover ceremony is attended by British Prime Minister Tony Blair, Prince Charles of Wales, Chinese President Jiang Zemin, and U.S. Secretary of State Madeleine Albright.