Here are the biggest one-day point drops in the Dow's history

Markets Right Now Dow down 500 as stocks sink steadily

"The sharp drop in the afternoon seemed to be mainly programmed trading".

As long as the global selloff doesn't threaten the stability of financial institutions, the PBOC and its global peers aren't likely to intervene anytime soon, he said. The market appears to be telling us that earnings rather than valuations will have to do the heavy lifting for the next year or two.

"Interest rates are rising", Hagensen said.

"There are going to be people that are going to be selling into any kind of strength and then you are going to have some value-conscious investors taking advantage of these multiple 100-point drops", said Alan Lancz, president of Alan B. Lancz & Associates, an investment advisory firm in Toledo, Ohio.

The Dow Jones Industrial Average fell 542.48 points, or 2.18 percent, to 24,350.87, the S&P 500 lost 50.06 points, or 1.87 percent, to 2,631.6 and the Nasdaq Composite dropped 146.56 points, or 2.08 percent, to 6,905.43.

Fundamentally the market can continue to go up; we have better earnings and increased wages.

It's the fourth ugly day in global markets.

That has fed into widespread concerns that markets were stretched following a strong run over the past year that pushed many indexes to record highs. "What we have now is what I call fear of getting caught", said Tom Martin, senior portfolio manager with Globalt Investments.

Japan's Nikkei stock index closed down almost 4.7 percent Tuesday, recovering from a 7 percent plunge earlier in the day.

The Dow dropped 1,032 points, or about 4.2 percent, to close at 23,860 - the second time it has lost more than 1,000 points over the past week.

Stock Jumping Abnormally High: Wells Fargo & Company (NYSE:WFC)
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Gains in industrial and consumer discretionary stocks led advances on the S&P as well as the Dow. Defensive sectors utilities and real estate were the only major S&P groups to end negative.

Benchmark U.S. crude oil lost 64 cents, or 1 percent, to $61.15 a barrel in NY.

USA stocks are lower Thursday morning as losses from the previous day continue.

Trader Frederick Reimer works on the floor of the New York Stock Exchange, Feb. 6, 2018. "But I don't think anyone expected the velocity or the ferocity that we saw on the downside".

The market's pullback comes amid concerns about rising bond yields and higher inflation.

The S&P 500, the benchmark for many index funds, shed 100.66 points, or 3.8 percent, to 2,581.

Many investors have been bracing for a pullback for months, as the stock market has minted record high after record high with investors encouraged by solid economic data and corporate earnings prospects, the latter bolstered by recently passed US corporate tax cuts.

US Treasury Secretary Steven Mnuchin said recent volatility was not enough to rock market fundamentals.

U.S. markets have been under pressure all week, with the Dow notching its biggest loss ever in terms of points on Monday, rallying on Tuesday and finishing modestly lower Wednesday.

Traders were still bracing for further volatility in the near future, as they tried to determine if the wild swings these past few days were the beginning of a deeper market correction, or just a temporary blip in the U.S. market's nine-year bull run.

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