The Dow lost more than 22-percent of the market's value. The broader S and P 500 index fell about 22-percent.
Historians say the crash on Black Monday was triggered by anticipation, and that investors panicked after an increase in interest race.
While Black Monday was one of Wall Street's worst-ever single-day percentage loss, the all-time worst crash was on September 31, 193, which launched the Great Depression.
In September 2008, the market lost more than 777 points, and while that was the biggest points loss, the percentage of loss was only at 7-percent.