- Ronald Reagan took the oath to complete his second term as President of the United States.
- The median household income was $23,618.
- Madonna launches her first road show, the Virgin Tour.
- The Academy Award for best picture went to Amadeus.
- Coca-Cola attempted to change its 99-year-old formula in order to attract younger drinkers. "New" Coke was poorly received, so Coke quickly reverted back to the old formula.