PHILADELPHIA (CBS) — Investors of all stripes are nervously watching the stock market after two days of huge losses.

Wall Street is dealing with a correction, not a crash, says Morgan Stanley’s Bob Manning and despite the Dow’s 1,100-point loss on Monday this is no time to panic.

READ: Dow Jones Industrial Average Fast Facts

He says the pure number was historic, but percentage-wise we’ve seen much worse.

“When you look at some big numbers in this market it’s just really arithmetic,” Manning said. “It was the single biggest number that we’ve ever had but on a percentage basis it didn’t even make the top 20.”

His advise for investors:

“Make sure you are very diversified,” he said. “All sectors don’t go up at the same time and they all don’t go down at the same time. Have a balance in your portfolio, stocks and bonds that can withhold some of the pain in the downside of these markets.”

WATCH: Dow Closes Down 1,175 Points

Watch & Listen LIVE