Analysts are not sure if the correction is over in the stock market.

Stocks have hit their lowest levels since last November. Other markets around the world have fallen too.

Many analysts blame a potential crisis in Greece and other European countries for dragging down stocks. There are worries that some governments debt problems will spread the same way that bad mortgages in the U.S. took down economies domestically and overseas in 2008.

"They are shell-shocked because they've seen a similar movie before and they didn't like the ending," said Anthony Chan, chief economist at J.P. Morgan Private Wealth Management. "They're wondering whether this is the sequel or not."

"The market is going not going to be allayed by signs of recovery, they're going to be looking for signs of sustainability," Chan added.

Commodities like oil and gold have also dropped substantially. Gold has fallen nearly 20 percent from its highs nearly two months ago.