Market pundits nearly always suck at explaining yesterday’s market moves.
The only thing they suck at WORSE is PREDICTING tomorrow’s moves!
you don’t need to be a pundit to see that there is nothing in either social behavior or economic policy in any of the major world economies that calls for anything but concern.
The fact that market "panics," to use the 19th Century term, almost all start in the Fall, was observed two hundred years ago. I hope we don't have (another) huge drop in the stock market. But it is more likely to happen in the net 60 days, than at any other time in the next year.
Five Biggest One Day Point Losses for the DJIA
1. 9/29/2008 -> -777.68 (meltdown after bailout fails to pass House)
2. 9/17/2001 -> -684.81 (first full day of trading after 9/11)
3. 10/09/2008 -> -678.91 (fear completely gripping the markets)
4. 4/14/2000 -> -617.78 (the Dot Com bubble is popping)
5. 10/27/1997 -> -554.26 (Asian stock market crisis)
Five Biggest One Day Losses for the Dow Jones Industry Average (as a %):
1. 10/19/1987 -> -22.61% (Stock Market Crash of 1987)
2. 10/28/1929 -> -12.82%
3. 10/29/1929 -> -11.73%
4. 11/06/1929 -> -9.92%
5. 12/18/1899 -> -8.72%
(Note: I'm not sure how old this data is)