"There would be no need to panic when we start to see swings in the market like we have been", said Corpina.
That was its biggest loss since August 2011, when stocks were reeling as investors were fearful about European government debt and the USA had its credit downgraded after the debt ceiling impasse. After numerous turns higher and lower, it wound up with a gain, coincidentally, of 567.
In Tuesday morning trading, investors took another roller coaster ride.
On Black Monday in 1987, the Dow dropped an incredible 22%.
After Friday and Monday, traders and investors want to know if this is a short term correction, or something bigger. It's still up 14 percent over the past year.
A bull market is generally defined as an increase of 20 percent or more in broad stock indexes such as the Standard & Poor's 500.
In the year so far, the Dow is down 858.76 points, or 3.5 per cent; the S&P 500 is down 92.61 points, or 3.5 per cent; the Nasdaq is down 126.23 points, or 1.8 per cent; and the Russell 2000 is down 71.72 points, or 4.7 per cent.
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The Dow index provides a price-weighted average of 30 stocks that are traded on the New York Stock Exchange (NYSE) and the NASDAQ.
The S&P 500 is down 9.3 percent from the record high it set January 26.
The sell-off pushed the Dow and S&P 500 into correction territory, when stocks fall at least 10% from their highs. Markets can not be one way. The unsettled nature of markets since Monday shows investors have still not sorted out what this means going forward.
The market's pullback comes amid concerns about rising bond yields and higher inflation.
"People were positioned for more central bank easing or continued central bank easing, low rates, and importantly, low volatility", he said.
Many experts say this week's slump is likely to be a short-term blip and not cause for bigger concerns.
USA stocks swooned Friday and Monday as investors anxious that accelerating inflation and higher interest rates could derail the market's record-setting rally.
Many analysts see worries about higher USA interest rates and excessive valuations as the catalyst for a pullback that was amplified by computerised trading mechanisms that can exacerbate movements in stocks. That's partly becuase the global economy is in good shape.
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"This is a healthy reminder that there are risks in the market", said Mark Doms, a senior economist at Nomura Securities. On Twitter, he declared that stocks would rise even higher once his $1.5 trillion tax cut was "totally understood and appreciated".
It might take a month before the final drop where the DOW could drop near the 15,000 mark, only 1,000 more than the top of the '08 crash where it dropped 50 percent before correction. Microsoft and JPMorgan Chase each lost 1.7 percent. Brent crude, which is used to price worldwide oils, shed 73 cents to $66.89 per barrel. Natural gas added 1 cent to $2.76 per 1,000 cubic feet.
Commodity markets remained gloomy, with oil and industrial metals' prices all falling, as the year's stellar start for risk assets rapidly soured.
Major indexes fell about 2 per cent in late afternoon trading.
USA crude fell 1.72 per cent to US$60.73 per barrel and Brent was last at US$64.56, down 1.45 per cent on the day. Germany's DAX lost 2.6% while France's CAC 40 ended down 2%.
The FTSE 100 also tumbled by 193 points or 2.64 percent to 7141 points, the lowest level it has been since April 2017. The March copper contract was down one cent to US$3.08 a pound.
The dollar fell to 108.84 yen from 109.42 yen. The euro dipped to $1.2392 from $1.2399. Unemployment is at 4.1 percent. That was the worst for the Dow since August 2011.
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