So after the Dow's nearly 500-point two-day drop, sending the index down 4.2% YTD, is this the start of the long-awaited correction?
That might be a good thing, MarketWatch's Jonathan Burton writes: "Even a year without a meaningful correction is too long a stretch. Investors get comfortable; the market’s proverbial wall of worry breaks down."
Josh Brown is disturbed by the lack of tolerance for stock market losses built up during the pre-taper environment, which has fostered an "overly sensitive, emotionally fragile condition" that's unhealthy.
But it wasn't just U.S. stocks that got hooked on Fed stimulus; emerging markets around the globe also were lifted, and the Fed's pullback now has investors wondering whether those countries can stand on their own.
The Fed’s policy-setting board meets next week, and new chief Janet Yellen is said to be "very careful about disruptions."