Monday was yet another brutal day on Wall Street, with the Dow Jones ending down more than 580 points. As bad as that is, things were actually much worse earlier in the day. Pre-market trading plunged stocks, with the Dow down 1,000 points. But right now, financial experts don't think there's any reason to panic.
It's back to class, and back to work, for students and professors at USF in Tampa. Finance professor Dan Bradley was keeping especially close watch of his computer screen Monday, as the stock market took a history-making plunge followed by big swings throughout the day.
"Is it a knee-jerk reaction? Are there concerns about weakness in China and other places? Yes, those are real, but whether that means we're continuing to head lower or we're going to bounce back -- I don't know the answer nor do I believe anyone else knows the answer," Bradley said.
Over a three-day period, the markets have seen a 10-percent drop. Bradley says it's significant, but not insurmountable. The most important thing is not to panic and rush out to sell your assets.
"If you were to sell in 2008 and 2009...well look where we've come from there," said Bradley.
And it's a much different market now than just a few years ago, when stock plunges triggered the Great Recession.
Economic conditions today are a lot better. The housing market continues to see improvement, and nationwide more companies are adding jobs instead of laying people off. Bradley said it's best to look at the big picture and ride out this rough spot. If you're looking to get into the market, this might just be a great time to buy.
"Certainly a better time to get in today than three days ago, right? And overlong periods of time, that's how you create value and that's how you create wealth," Bradley said.