Global markets see-saw. But return of volatility shouldn’t be surprising.

Just when things were looking up, the world’s investors got scared again.

In the course of just two trading days, the US stock market lost 5.5 percent of its value – and most of the rest of the world followed: Japan (-7.2 percent), France (-3.8 percent), and Germany (-2.3 percent).

But the sky isn’t falling, at least, not yet, if history is any guide. Monday’s record fall in terms of points – 1,175 points on the Dow Jones Industrial Average – was far less damaging in percentage terms than the crash of 1987 or the market plunges in the run-up to the Great Recession. And on Tuesday the Dow regained almost

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