TODAY   |  June 21, 2013

Stock market falls more than 2 percent

By the time the closing bell sounded on Thursday, the Dow, S&P, and Nasdaq all fell more than two percent in one of the worst days of the year. CNBC’s Jim Cramer discusses whether this is the start of the correction that so many analysts have been warning would happen.

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This content comes from Closed Captioning that was broadcast along with this program.

>>> investors are keeping a close eye on wall street this morning. an 8th straight day of triple digit activity. the dow, s&p, nasdaq all down 2%. jim cramer is host of " mad money ." good to see you. biggest 2-day percentage drop since november of 2011 . thursday's losses knocked out all the gains for may and june.

>> you tend to have this level of volatility when those turn. it's nothing worth panicking over. those that are selling aggressively are going to regret it.

>> it's frustrating because ben bernanke speaks out on wednesday and says the fed is going to ease up on buying of bonds. the reason is because the economy is getting strong enough to stand on it's own. if the economy is better, why would the market tank like this.

>> people don't ever want to think, you know what, i can do better in bonds than stocks. a lot of people are hiding in stocks. good dividends, good yield. the bond market is safer so they're selling stocks to buy bonds and people who are in bonds are freaking out too because they think the fed is no longer going to support them. there's uncertainly everywhere.

>> the bigger picture here, it's about interest rates . historically low for a long time and now interest rates are going to go up. do you think right now, if your opinion, is the economy strong enough right now to with stand the concept of money getting more expensive.

>> yes. yes it is. doesn't seem like it because we don't have the employment growth we want but at the same time we have a lot of industries doing really strong. i wish china was doing better and europe was doing better. we're the strongest country in the world right now.

>> president obama gave an interview recently and talked about looking for a successor for ben bernanke that could step down. do you think that's helping with the volatility.

>> certainly. we're kind of shocked. almost like he got pushed off the door. we didn't need it right now.

>> and when you look at volatility, 8 straight days of swings of triple digits in either direction. do you expect that to continue for awhile.

>> get used to it. it's going to stay that way, maybe worse. if you can't handle that volatility, you're only down 5%, take some off the table.

>> he's going to have more tonight on " mad money " on