Wall Street had its worst day in two years Monday, with the Dow Jones Industrial Average dropping just over 1,000 points.
While the market has many concerned, experts are urging patience.
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"I think you've got a case where the market has been on a significant run for the last 18 months or so without any major eruption, and you've hit a rough patch with some of the economic data recently," said Chuck Zodda, chief investment officer at Armstrong Advisory Group.
Zodda says Wall Street is likely reacting to a number of factors, including a worse-than-expected jobs report in the U.S. and a slowdown in the housing market.
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Fear of a recession is creeping in, but it's far from clear whether we're headed in that direction.
"It certainly is a possibility, I would say that the chance of a recession right now is higher than at any point in the last couple of years, but it still is something that's just a chance," he said.
Stock markets worldwide took a hit Monday, and personal portfolios were roundly impacted.
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"I would say hold tight," said Kimberly Zimmerman Rand, a personal finance expert from Dragonfly Financial Solutions. "These things tend to happen, and just stay the course and ride it out. But If you think you're going to need the money in less than five years, the stock market is not the place to be."
