Have you seen this graphic from the WSJ?:
It's an awfully short timescale and hard to get perspective.
Bit of a "flight to safety" I assume. Not sure how long it will last. IMHO the economic fundamentals are still strong. The issue is the market has been choked with regulation (Obamacare, EPA, etc.) and it's impacting growth. Earnings growth is still strong. I think the S&P has more room to run:
