The market closed very low on Friday, with the Dow Jones falling more than 500 points, according to MSN.
Many stocks are down. Apple stock alone lost six percent. Financial experts have explained why the market took such a steep dive. "Right now, there is a feeling of fear in the marketplace and all news is interpreted negatively and it's interpreted indiscriminately," Tom Digenan, head of U.S. equities as UBS Global Asset Management, said.
The numbers mean that the Dow Jones industrial average is in "correction" territory. A correction occurs when an index, like the Dow Jones or an individual stock, falls 10 percent from its most recent high point. The Dow is 10.1 percent down from its record close on May 19, according to Fox Business.
The Standard & Poor 500 index is down only 7.5 percent, safe from being a correction. Historically, stock market corrections have occurred every 18 months. The U.S. has gone almost four years without a correction, the third-longest correction-free streak in the last 50 years, Fox Business reported.
Analysts blame a weaker Chinese manufacturing activity report for the dropping stocks, according to Investorplace.
