Don't panic

The Dow closed at 777 points down. Reason for worry? Only if you are listening to hysterical pundits.

The news came as the House failed to pass the bail-out bill. The fact is, while the Dow drop is nothing to sneeze at, it's only a 6.98% loss for the day. It would have had to have dropped 3% more to trigger even a 1 hour market shutdown.

Details, as they unfold.