Market Extra: What’s really to blame for the sudden shattering of the stock market’s calm?

Irrational exuberance has been exorcised from Wall Street, for now. A raucous week ended with the stock market having booked its most brutal decline in about two years.

Both the Dow Jones Industrial Average DJIA, +1.38% and the S&P 500 index SPX, +1.49% registered their worst weekly declines, about 5.2% each, since January 2016, while the Nasdaq Composite Index COMP, +1.44% posted its worst week since February 2016, with a 5.1% tumble.

Read:Volatility shock wave has wiped $5.2 trillion from markets, sent 5 sectors into correction territory

To recap, the Dow posted two 1,000-point drops during the week’s five trading sessions, something it has never done in its history, and has notched three percentage declines of at least 2% in six sessions after having gone more than 100 without a single decline of more than 1%.

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