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.
The losses spread to the European markets, where London's FTSE 100 Index fell 98.90 points, or just about 2%, to 4,871.30.
At 2:36 pm, after falling 350 points, the Dow hit its first trading curb halt, which lasted 30 minutes.
Currently, the New York Stock Exchange sets the curbs at 10%, 20% and 30%, and determines how much these percentages are in point terms by where the Dow finishes at the end of the quarter.
By the end of the day, the Dow Jones Industrial Average fell 554.26 points, or 7.18%, to 7,161.15.
This crash put the Dow down 13.3% from its then-record high of 8,259.31 on August 6, but it still gained for the year.
The U.S. stock markets initially continued their drop from the 27th but abruptly stabilized and began to climb.
Stock prices continued to soar in choppy trading throughout the rest of the day At the close of trading at 4:00 pm, the Dow finished with a then-record 337.17 point gain (recovering 61% of the previous day's loss) to close at 7,498.32.