Is it time to pay the piper? That was a big topic of conversation on Wall Street Thursday as the first trading session of the new year drew to a finish.
By the closing bell, the Dow Jones Industrial Average had declined by triple digits while the S&P 500 ended with its worst decline in weeks. For every advance more than two stocks slid on the New York Stock Exchange.
Some pros worry the price action is a sign that headwinds are starting to blow. Whether it's the threat of higher interest rates, a potential showdown over the debt ceiling or the uncertainty presented by a new Fed chair, bears say there's every cause for concern.
"It's obvious that we have a bad year coming, right? Isn't that what the stats say when you start off the year with a day like today," noted Jim Cramer with more than a hint of sarcasm in his voice.