Monday's record-breaking Dow drop may have little impact, experts say

One called it a "typical, garden-variety correction."

But that doesn't mean it will necessarily have a lasting impact, experts told ABC News.

Mark Zandi, the chief economist for Moody's Analytics, dismissed the drop as relatively temporary, saying that unless it holds for multiple weeks, it likely won't make much of an impact.

"We're still up 20 percent or so from where we were a year ago so for an average American worker, small shop owner, no big deal. This is not going to affect them in any meaningful way," Zandi said.

The drop of 1,175.14 points is the largest in one day. The previous record was on Sept. 29, 2008, when it fell 777.68 points. On Oct. 15, 2008, the Dow declined 733.08 points.

"For the average investor, this might be a signal that the easy money is over," Zandi said.

When looking at drops based on the percentage of the overall market, however, Monday's doesn't even make the top 10. A Dow Jones spokesperson told ABC News that Monday's performance, losing 4.6 percent, marks the 100th worst single-day drop. The worst came on so-called Black Monday, Oct. 19, 1987, when the market plummeted 22.61 percent.

Mayfair Advisors fund manager Larry Glazer told ABC News that the drop Monday comes as a result of "an economy that's in transition right now."

"You have the fastest rate of growth in the economy that we've seen in a decade, and you also have a fast rate of wage growth," he said. "This should be good news for Main Street, it should be good news for investors, it should be good news for consumers, and they have certainly embraced that."

He added that investors had been seeing "the fastest rate of growth in the economy that we've seen in a decade," in addition to a fast rate of wage growth.

"We've seen that optimism in small businesses, we've seen that optimism with investors and consumers -- maybe too much so," Glazer said. "And a little bit too far, too fast, so here the stock market is giving back some of those gains."

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