DUNMORE -- 30 years ago, the stock market suffered one of its worst crashes. 30 years later, the stock market is flourishing, closing at another record high.
The Dow closed at over 23,000 on Thursday and Wall Street is in a comfortable place, but which presidential administration deserves the credit? We turn back the clocks three decades to remember that fateful day and examine the current state of the stock market.
On this date 30 years ago, the biggest single-day stock market collapse in the history of the United States occurred, sending many Americans into a state of panic. The Dow dropped more than 22 percent.
Jerry Blake worked for Time Warner at the time and recounts the palpable uncertainty in the workplace.
"We didn't think the economy would tank out the way it did. For a lot of them, every day it was walking in and wondering, 'is today the day maybe we get a call that you have to get HR to tell you that we have to cut back.' There was a great deal of anxiety at the time," Blake recalled.
Chris Scalese of Fortune Financial Group in Dunmore puts the 22 percent drop in perspective.
"The Dow drops 500 points these days and people lose their minds. Can you imagine if it dropped 5,000 points? So, 22 percent is mind-boggling in relative terms," Scalese said.
Currently, stocks are at record highs, and many may wonder has President Donald Trump and his history with finances played a role in the current success of the economy?
Some experts say it has helped. Scalese believes both the Obama and Trump administrations deserve credit.
"The market hit its bottom in March of 2009, so that was right at the beginning of the Obama administration. From that time, it has been going straight up since then, so I know a lot of times, people say because of the current administration, but they forget that the previous administration. The stock market did very well under that administration as well."
In case of another drastic collapse, Scalese advises his clients to maintain a long-term vision.
"If you panicked on October 19, 1987, and got out that day because the market was down 22 percent, you missed out. The next two days, the market recovered 16 percent of those losses in two days."
Scalese believes that barring something unforeseen or tragic happening, stocks will continue on this current pace.