Why are U.S. investors doing a better job of keeping their heads about them as the rest of the world threatens to lose theirs?
As intense selling sped from China's erratic markets this week and tore through the European trading day, the damage to American stocks has been relatively modest.
The Shanghai market has shed 13 percent this week and trading was halted minutes into the day to stem the liquidation. The German equity index is off 7 percent in the year's first four trading days. Yet the Standard & Poor's 500 index has given up "only" 3.8 percent.