Wall Street has worst day of the year

Dow Jones industrial average fell 353 points on Thursday, biggest drop of 2013

NEW YORK - Wall Street had its worst day of the year Thursday and investors are now worrying that a rebounding economy could be falling backward.

The stock market has been steadily climbing since last year. The market has hit record highs, but as the saying goes, what goes up will eventually come down.

The Dow Jones industrial average fell 353 points on Thursday, which is the biggest drop of 2013.

On Wednesday, Federal Chairman Ben Bernanke said the federal reserve would be stepping back from an aggressive federal stimulus program later this year.

Channel 4 spoke with Joe Krier of Krier Wealth Management about the market's bad day to find out what it all means.

"Statement that really spooked market is feds are going to slow down bond-buying program," said Joe Krier. "Whole goal of the program is keeping interest rates low to stimulate the economy."

Krier said that it is inevitable that the market would fall from its continual upward trend, and a roughly 2 percent drop is not anything to lose sleep over.

"We never know if a bad day or two is going to be significant of something bigger. It was due for a pull back. Markets don't go straight up, they typically have 5 or 10 percent pullbacks along the way," said Krier. "I personally think the markets are on more stable ground than during the housing bubble because during the housing bubble, you had people pulling equity out of homes to buy cars, TV's, everything."

Copyright 2013 by News4Jax.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.