Debt worries in Europe are being cited, but there have been warnings for weeks that stocks were due for a fall. From AP:
The market's plunge wasn't a surprise to some analysts who have warned for weeks that stocks were due for a retreat. After Monday's rally, the Standard & Poor's 500 index was up almost 14 percent from its 2010 low of 1,056.74, reached Feb. 8. Investors have spent the past three months largely shrugging off the problems in Europe and focusing instead on the continuing signs of improvement in the U.S. economy. The biggest drop in stocks since February brought a reminder that it doesn't take much to rattle investors who are on alert for anything that could disrupt the economic recovery.
The pullback could provide an opportunity for investors to buy. That's pretty much been the pattern since the beginning of the year. The Dow is at 10,926.