October 28, 1987 – CBS World News Roundup – Gordon Skene Sound Collection –
October 28, 1987 – A stock market crash, a murmur of a Superpower summit around Thanksgiving and a series of terror attacks on personnel at Clark Air Force Base in Manila – all in one day.
The Crash of ’87 as it came to be known started on Monday the 19th and proceeded to go downhill from there. A chain reaction of market distress sent global stock exchanges plummeting in a matter of hours. In the United States, the Dow Jones Industrial Average (DJIA) dropped 22.6 percent in a single trading session, a loss that remains the largest one-day stock market decline in history. At the time, it also marked the sharpest market downturn in the United States since the Great Depression. Reports of investor suicides as well as disgruntled investors taking it out on stock brokers were flooding the news. The domino effect was threatening to impact just about every aspect of the economy. The U.S. dollar was falling just about everywhere. It was not a good week to be anywhere near Wall Street.
Meanwhile, news of a possible Superpower Summit was making the rounds. There were hopeful signs but the sticking point was still the subject of nuclear weapons. It was hoped negotiations would be ironed out before Thanksgiving, but prospects were doubtful. The key for any sign of success of the summit would be the signing of the INF Treaty to eliminate an entire class of nuclear weapons. That was the goal. Fingers were crossed.
And an outbreak of terrorist attacks were taking place near Clark Air Force Base in the Philippines. The latest attack involved three servicemen who were killed in simultaneous attacks near Clark AB by teams of what were later to be discovered as the New People’s Army (NPA) brandishing .45 caliber pistols. The NPA was the strongarm of the Philippine communist party.
All that and much-much more for this October 28, 1987 as reported by The CBS World News Roundup.
As you know, we’ve suspended indefinitely our ads in order to make Past Daily a better
experience for you without all the distractions and pop-ups. Because of that, we’re relying more on your support through Patreon to keep us up and running every day. For as little as $5.00 a month you can make a huge difference as well as be able to download all of our posts for free (news, history, music). You’ll see a banner just below. Click on that and become a subscriber – it’s easy, painless and does a world of good.