Sounds like a bad day for the market. Of course, it never helps when the exchange for a major trading partner starts the day down almost ten percent.

[Update]

This is not investment advice (oh, no) but this is probably a buying opportunity.

Typical, when we hit a new record high recently we heard no news at all. But when it drops 500 points, I hear about it on sports radio shows.

Jerky liberal media goons.

I agree with Steve.

SPY (which indexes the S&P 500)
July 3, 2006: 127.43
day before yesterday: 145.17
after yesterday: 139.5

I don't think I saw a single article yesterday that mentioned what a nice run the stock market has had the past few months prior to the fall yesterday--certainly not mentioned in a way that I remember it.

All panic, no perspective.