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The Dow Jones industrial average fell nearly 500 points shortly after the opening bell. By 4 p.m., the Dow's drop lessened to 312 points.

However, futures fell as much as 550 points earlier in the morning, triggering a freeze in selling until the market opened. Traders were fearing that freezes intended to prevent panic selling could go into effect during regular trading hours. That has not happened since 1997, and it did not happen Friday, but traders were uncertain about the future.

"The livelihood of Wall Street is definitely being challenged right now and we're wondering how far it's going to go," said a trader.

"Unfortunately it’s probably going to get worse before it eventually gets better. But that’s the key, it will eventually get better, so people have to stop panicking," said another.

The massive drop was triggered by increasingly dour news from overseas.

Japan's Nikkei index fell about 9 percent, and major indexes decreased by 8 percent in France and Germany and 6 percent in other parts of Europe.

Experts still said there were alternatives to panicking.

"Think about the long run. Have a diversified portfolio, don't try to time the market," said New York University Stern Business Professor Lawrence White. "Understand your tolerance for risk and behave accordingly."

"I don’t it seeing taking more than a couple of years to bounce back. The U.S. economy is very strong," said another.

Sam Stoval, chief investment strategist of Standard & Poor’s, noted that the major indexes like the S&P were declining.

"Since 1950, we have averaged four days per year in which the S&P has declined by 2 percent or more. Yet in the past year, we've experienced 29 of such days," said Stoval.

Yet Stoval sees opportunities among the publicized market tumbles.

“I think it’s a little late to be panicking right now. I think what we’re seeing right now because of the sharp decline in prices is a widening window," said Stoval. "I would see that an opportunity and not as a reason to jump. I think in five years we will look at these levels, like what we did on the levels of October 20, 1987.”