While I have spent the day so far keeping a bunch to great teenagers heading in more-or-less the same direction, the stock market has gone only one direction, DOWN. The S&P is truly tanking.
At 12:30 this afternoon, the Standard & Poor 500-stock index was trading around 1,042. That left it 46 percent below its inflation-adjusted high, which it hit in the summer of 2000. If shares keep falling and the index hits 967, it will be a remarkable 50 percent below its peak. That has happened only two other times since 1929 — during the Great Depression and during the 1970s.