Investors are scrambling as they continue to head into what is the worst start ever to a calendar year for the stock market, an article in Business Insider said.

The article said that global stocks officially entered a bear market.

The Dow dived by more than 500 points. The NYSE hit a new low in early trading. The S&P is also seeing its worst start of the year.

From Business Insider:

US stocks started the day deep-red, and the sell-off has intensified through the trading day. Not long after noon, the Dow fell more than 500 points, and with the S&P 500 and Nasdaq, it declined by more than 3%.

Strategists everywhere are fielding panicked questions from clients about whether this means the US economy is headed for a recession. As we detailed over the weekend, many of the pros agree that this is not a likely scenario.

And amid all the negative reports, the article added that in a note to clients on Wednesday, the Deutsche Bank managing director of Global Head of the Fundamental Credit Strategy Group, Jim Reid, suggested that what we're seeing is an expected repricing of relatively pricey global assets.

“And for the investor whose focus is further than the intraday market swings, the present volatility is good news because it presents the opportunity for higher returns later,” the article quoted Reid saying.