Today in History January 21, 2008

Today in 2008, the stock market again crashed, precipitating one of the first finacial crises of the modern globalized era, as the Dow Jones Industrial Average (DJIA) dropped 508 points, or 22.6% of its value. The European stocks closed with their worst results since 9/11, and Asian stocks drop as much as 15%.

The United States was not the only country in which the stock markets crashed. Markets in Australia, Hong Kong, Singapore, and Mexico also took a beating. Around the world stock market values were plunging, causing a rampant fear that this event would mimic the October 28, 1929, stock market crash, which contributed to the Great Depression of the 1930's