A drop of at least 10 percent in one of the market indexes such as the Dow Jones Industrial Average, Standard & Poor's 500, Russell 2000 (for small capital companies), or other market indexes is defined as a "correction."

Since the market high was 14,000, a 10 percent correction would mean the Dow Jones Industrial Average hit 12,600.

At Wednesday's close, the DJIA stood at 12,861.47.