Investors Left Gasping After Wild Stock Market Ride

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NEW YORK (CBSNEWS.COM) - U.S. stocks took it on the chin for a third session in a row on Monday, after an attempted bounce-back lost steam, leaving the Standard & Poor's 500 Index in a correction.

"It's clear what started this -- fears about China, falling commodity prices and general weakness in emerging markets. And market psychology takes on a life of its own," David Kelly, chief market strategist, J.P. Morgan Funds, told CBS MoneyWatch.

The veteran market strategist cautioned against getting caught up in sensational headlines about daily moves, saying long-term investors should have a wider perspective. "The key message for investors is, don't freak out. U.S. exports to China are a tiny fraction of our GDP, and to the extent commodity prices are pushed down, that's positive for the U.S. economy."

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