"As long as recession is unlikely in the U.S. and globally, it's likely to just be a correction," said Shane Oliver, head of investment strategy at money manager AMP Capital.
Andthere's no talk of recession among economists.
In the U.S., unemployment is at a 17-year low. Average hourly wages went up last month the most in eight years. Consumer and business confidence are near record levels.
That counts for a lot more than a few days of losses on Wall Street.
"Listed companies are not very important economically," said Paul Donovan, global chief economist at UBS Wealth Management, adding that they account for "a minority of employment and economic activity."
Plunging markets can make for unhappy reading of your stock portfolio or pension -- but a short-term dip shouldn't be a reason to freak out.
"The wealth effect on consumers is important, although labor markets can outweigh that," Donovan said. "Most Americans have a job. Almost half of Americans do not own equity."
It's not just the U.S. that's doing well. Europe has also been firing on all cylinders. And the World Bank and International Monetary Fund both recently gave upbeat outlooks for the global economy this year.
"So far we are seeing none of that," Oliver said. And as long as we don't, he thinks stock prices shouldkeep rising.
Ric Spooner, chief markets analyst at stock broker CMC Markets, said that he's keeping an eye on the "real economy" to figure out where stocks are headed. That means industries like manufacturing and construction.