DOW DROP | Why Now? Top Ten Reasons

Here is the Dow at 3:24 pm. It fell from a high of 25,521 to a low of 23,924,
a record intraday drop of 1,607 points.

The intraday Dow suffered a record point drop of more than 1,600. 

It recovered somewhat, ending the day with a record point drop for the day of 1,175, more than 4 percent.

I am collecting "explanations". Take your pick. Send me an email* on which ones you believe and I will re-rank these reasons to reflect a consensus. 
*john@cityeconomist.com

1. Treasury bond yields have risen sharply in recent weeks. So smart money is betting on higher interest rates. 
2. Outgoing Fed Chair Janet Yellen announced before she retired that the Fed is committed to raising interest rates, so maybe you didn't have to be quite so smart to see this coming.
3. Just a Flash Crash, computer-driven like 2010. Relax, folks, this is a buying opportunity, says one commentator. (But after-hours trading for the first hour showed more selling.)
4. Hey, the market was overvalued, maybe by 20 percent. We knew this was coming.  Investors were just cashing in after the rally in stocks since the GOP victory in November 2016.
5. Friday BLS data showed rise in hourly earnings  for workers. Fed said it saw signs of inflation – i.e., it read the BLS data same as we did.
6. The BitCoin et al. Bubble.
7. Baby Boomers who are retired or are getting ready to are gradually exiting stocks, using the old rule of "100 minus your age" in stocks. Their problem has been where to put their money while they wait for interest rates to rise; rising rates offer more opportunities.
8. A new Fed Chairman creates uncertainty. GOP tax cuts will increase the deficit but mostly won't put money in hands of people who will spend it.
9. A stagnant economy may be in the cards.
10. May be the beginning of a long-overdue corrective bear market.

PBS has since published a list of the Top Five reasons the market is crashing. I have edited the list above slightly after reading this article.