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(Best Syndication) Brokers booed on the floor of the New York Stock Exchange Tuesday as the market closed, losing value after a great run-up since October. The Dow Jones index lost 3.29 percent of its value making Tuesday the worst day since September 17th 2001 when the blue chip stocks closed 684.81 down, losing 7.13 percent of their value.

Many analysts say this is a usual correction. Chinese stocks fell 9 percent Tuesday, one day after a record high close, according to a report from AP. The slump continued around the world causing the U.S. exchanges to lose value as well.

A number of factors could have contributed to the downturn. Yesterday former Federal Reserve Chairman Alan Greenspan said that the U.S. may be headed for a recession. Then the Commerce Department reported that orders for durable goods dropped in January. This was the largest drop in three months.

But the losses are not as bad as you might think. Compared to Black Tuesday and Black Monday, the drop was not that great. On Tuesday, October 29th, 1929 the market lost about 12 percent of its value. The Monday before the market lost 13 percent of its value, according to About.com. This was called the Black Monday of 1929.

On Monday, October 19, 1987 the market dropped drastically as well. This is also called Black Monday. Strangely, there was no announcement that one could point to for causing this decline. According to Wikipedia, by the end of October, the Hong Kong market had fallen 45.8%, Australia 41.8%, the United Kingdom 26.4%, the United States 22.68%, and Canada 22.5%.

The 1987 Black Monday was the second largest one-day percentage decline in stock market history. The worst day in Stock Market history occurred on December 12th, 1914 when the Dow Jones Industrial Average fell 24.39%. Although on September 17, 2001 we experienced the biggest point loss, the biggest percentage lost was backing 1914.

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By John Waters
Best Syndication Business Writer