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Is It Over Yet? Two Weeks In, 2016 Feels Like Year of the Bear

  • About $21 billion have been pulled out of equity funds
  • `I'm not panicked. I don't think this is a financial crisis.'
A trader works on the floor of the New York Stock Exchange during the afternoon of January 4, 2016 in New York City.
Photographer: Andrew Burton/Getty Images

Not even the pessimists on Wall Street thought things would go so wrong so fast in 2016.

For the first time in 12 years, oil is below $30 a barrel. China is struggling to prop up its slowing economy and calm its volatile stock market. For the moment, the bears have the upper hand -- and January is only half over. As the Dow Jones Industrial Average sank 391 points on Friday, investors the world over seemed to be groping for any good news. While most money managers kept their cool, few offered assurances the U.S. market would bounce back soon, as it did after a similar bout of turmoil last August.