by Calculated Risk on 7/02/2008 04:09:00 PM

DOW off 20.8% from the peak of Oct 9, 2007.

S&P 500 off 19.4% from the peak of Oct 9, 2007.

Nasdaq off 21.3% from the peak of Oct 30, 2007.

I think investors realize that the 2nd half recovery has been cancelled, and that the economic problems will linger for "some time" (In Fed Governor's Mishkin's words).