Stock Market Free-Fall

Dow closes down 353 points, marking its worst day all year.
2:39 | 06/20/13

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Transcript for Stock Market Free-Fall
roller coaster ride, the one that ended with a dief on wall street today. 401(k) losing quite a bit of ground today alone. What this could mean for who was hoping to get their hands on historic low mortgage rates. The dow closing down 353 points. The second straight day of breathtakingrops on the markets. More than 500 points lost in 48 hours as economists tell us that the economy is finally on the mend. What's going on here. Rebecca jarvis leads us off. Reporter: Today's big drop is part of a rollercoaster week for your money. The dow up or down triple digits every day. So what's driving the volatility? Actually, good news. We are stronger, we are. Our economy is getting better. Reporter: The best month for existing home sales in three and a ears. And improvement in jobs. All of this means there's less need for this man, fed chairman ben bernanke to keep pumping billions into the system. The easiest way, say we've had training wheels on our economy for quite some time now and now we're getting word that these training wheels are going to have to come off, slowly come off and we're going to see if we the uncertainty also leading to higher mortgage rates, now above four percent for the first time in a year. But still some of the cheapest borrowing in history. For example, in california, the turnbull family can buy their dream home for about $2,000 a month at today's rates. Three decades ago, the same house at the same price would have cost $5,000 a month because mortgage rates back then were above 12%. Don't panic, you've enjoyed the ride so far if you look at your portfolio performance so far this year I'm sure you're very happy with returns you've seen even after a day like today. Don't panicking easier said than done. Rebecca joining us from the markets downtown on wall street. For those of us at home WATCHING, FOR THOSE 401(k)S HAS All the ground come back? Everybody who opens their 401(k) OR IRA SHOULD FEEL PRETTY Good. The reason is in even in light of these two down days most retirement accounts are still up on the year, about ten percent. To put it all into perspective, since the all time highs we reached last month in may stocks are down just five percent. Still up ten percent. Let's try to hold the market here.

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