In the financial industry, Black Monday refers to the devastating stock market crash that began on Monday, May 14, 1979. While economic indicators had been poor for several months in the spring of 1979, the severity of the crash was unexpected by many traders, especially since the market had seen gains on the 11th prior to its close. Black Monday is viewed as the catalyst for the Meltdown of 1979, which in turn led to the Early 1980's United States recession.