The market is breathing a sigh of relief that the crisis is not worsening. Stocks will always trade on economic fundamentals in the long term, and those still support a rising stock market. Short term events like that of Japan, serve as a catalyst for corrections, which is what it just did. Stocks fell almost 7%, a very healthy correction, which it was overdue for. Although a retest is likely, the lows have probably been made for now.