The stock market entered correction territory (when stocks fall 10% or more from a recent market high) for a few minutes today, plummeting 1,500 points before rebounding slightly to a 1,175 point loss on the day.
Why it matters: It was the largest one-day point decline in history, and between today and Friday's 666 point drop, the market has erased its 2018 gains.
The big picture, as noted by the N.Y. Times on Friday: "[W]hat is really worrying investors is that the fuel behind this stock market boom, namely cheap money from global central banks, may disappear sooner than they thought... On Friday, the yield on the 10-year Treasury note... rose to more than 2.8 percent, the highest level since early 2014."
"I think there's a lot more momentum in the stock market... tax cuts are not priced in."— White House economics adviser Gary Cohn to me on December 20th
Specialist Jay Woods wears a vintage Philadelphia Eagles sweater as he work at his post on the floor of the New York Stock Exchange, Monday, Feb. 5, 2018. (AP Photo/Richard Drew)
"Even on positive news, really positive news...they were like death. And un-American, un-American. Somebody said treasonous... can we call that treason? Why not... They certainly didn't seem to love our country very much."— President Trump today, on Democrats during his State of the Union