In 1997, when the Asian economic crisis began, talking heads everywhere were tripping over each other trying to be the first to call the recession. It didn't happen because the fundamentals of the economy were healthy. Inventories were lean and productivity was rising, and after some adjustments, the party resumed. Stock markets inflated in 1999 as the Federal Reserve began pumping excess cash into the economy to prevent a Y2K bank run. The bubble burst when The Fed withdrew that cash.
Stocks always go up and down, sometimes more dramatically than others.
Because more Americans own stock than ever before, the first ride up and down was both thrilling and terrifying, but it has little effect on the core indicators, which are actually pretty rosy. On the home front, despite rising home prices, sales continue to be strong, thanks in part to lower interest rates which let people buy more home for the same monthly note. Baptist Memorial Health Care Corp. gave to all bedside nurses. In a sour economy car part sales go up, because people hang on to their clunker longer rather than commit to a new car note. That aside, AutoZone is responding appropriately to weaker sales by working harder to gain market share.