October 8, 1998 was the day of maximum pessimism (John Templeton's phrase) that year.  From July 17 to October 8, 1998, the S&P 500 fell 19%, from 1,187 to 959. The Dow bottomed out a month earlier, on August 31, at 7539. The next day (Friday, October 9, 1998), the market began to rise strongly, up 167 points in a day, to 7,900. Within six weeks, the Dow hit a new all-time high, on November 23, at 9374, up 21% in 32 trading days.  The mini-bear market was history.

October 8, 1974 marked the biggest bank failure in history to date, the Franklin National Bank of New York.  On the same day, President Ford went on national television to unleash a long series of economic anti-inflation programs and gimmicks, including his "W.I.N." buttons.

Two Great Fires

October 8, 1871, at 9:00 on a Sunday evening, the Great Fire of Chicago broke out, when a cow kicked over a lantern in Mrs. O'Leary's barn.  Driven by a strong wind, the fire devoured the core of the city, and then jumped the Chicago River, burning the southern part of the city to the ground by dawn October 9.  The fire chased panicked citizens to the edge of town, to Fullerton Avenue, then the northern-most limit of the city.  On Tuesday morning, October 10, rain began to fall, and the flames died out, leaving Chicago a smoking ruin.  The Chicago fire consumed over 2,000 acres, destroying 17,450 buildings, leaving 90,000 homeless, and killing at least 300 people. 

Up north on the same day, a Wisconsin forest fire burned 1,280,000 acres: 2,000 square miles!

October 8, 1956: A Perfect Game…Losers Leave Town

Donald James Larsen of the New York Yankees pitched the first and only perfect game in World Series history. At Yankee Stadium, in the fifth game of the Series against the Brooklyn Dodgers, Larsen gave up no hits, no runs, and no walks, as the Yankees gained a 3-2 lead in the 7-game series.  Yankee Mickey Mantle was the supporting hero, with a fourth-inning homer off Dodger pitcher Sal Maglie, and a backhanded running catch deep in left center field to preserve Larsen's masterpiece. The Yankees went on to win the series in seven games. 

A year later, on October 8, 1957, the Brooklyn Dodgers announced their move to Los Angeles.

Other Famous Firsts on October 8:

• 1860: The telegraph lines between Los Angeles and San Francisco, California opened.
• 1862: Otto von Bismarck became the first German republic's Chancellor.
• 1957: The first air-conditioned shopping mall opened.

More History >>