The onslaught of worrisome news is creating an investor climate similar to a brief panic that erupted on May 6,, when the Dow Jones Industrial Average plunged by 1000 points before bouncing back later in the day, according to UBS Financial Services market analyst Art Cashin.

"This is the same trading environment that we had May 6. And if the computers start to go crazy, we could have some problems."

/// END ACT ///

The events of May 6 triggered an investigation as to whether the feverish sell-off stemmed from a computer glitch or market manipulation.

But not everyone is panicked.

/// BOBRINSKOY ACT ///

"No doubt about it: fear levels are up a lot."

Even so, overall economic conditions do not justify that fear, according to Charles Bobrinskoy of Chicago-based Ariel Investments.

/// BOBRINSKOY ACT ///

"We remain cautiously optimistic about the U.S. economy. In fact, the manufacturers who are filling inventory levels are telling us that inventories were at unsustainably-low levels, and so business is [now] better. I think this is a case right now of fear getting ahead of reality."

Bobrinskoy spoke on Bloomberg Television.

Markets in Paris and Frankfurt closed down more than 2 percent. London and Tokyo lost just over 1.5 percent on the day. ///Rest Opt// Wall Street's Dow Jones Industrial Average was down more than 3 percent in mid-day trading.