I think this is all people overreacting. This is why it is smart to have a diverse portfolio, so you aren't affected by these swings as much. I actually like when a day like this happens. I can now buy stocks at a much lower price. In fact, I called my broker this morning to buy several thousand shares of Merril Lynch while it was still low. When I checked in the afternoon, the price had already increased 17 percent.
In short, Wall Street needs to RELAX.