Managing Director of UBS Financial Services Art Cashin said that this year's market volatility reminded him of the stock market crash in 1987.
"The volatility we are currently seeing is much higher than when I started work in 1959 and unfortunately reminds me of the days before the crash of the markets in 1987." - says Cashin.
Let's recall the 1987 crash. also known as Black Monday
People who belong to the stock markets and those who aspire to become successful traders know about the fatal accident that happened on October 19, 1987, when the stock market collapsed. Dow Jones declined by 22%, and the following days led to a massive collapse in global stock markets, and most of them declined by 20% by the end of October.
Source: Bloomberg Pro Terminal
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