After the Dow Jones industrial average tumbled 554 points in a $600 billion sell-off Monday, it was back on the rise Tuesday.

For the first time since the 1981 assassination attempt on former president Ronald Reagan, the stock market was shut down Monday.

The stock market’s drop totaled a $600.04 billion loss Monday.

The Nasdaq, which is dominated by technology companies like IBM and Microsoft, had a loss of nearly 7 percent. It suffered its worst one-day point drop ever.

The Dow Jones and Nasdaq market drops may be associated with the fall of foreign markets.

Technology companies in Nasdaq do more business with Asia than other American industries.

At 3 p.m. on Tuesday, Harvey Lapan, Iowa State professor of economics, said the market was up almost 60 percent of what it was Monday.

“The two-day loss is about 3 percent,” Lapan said. He said the stock market is still up about 14 percent from where it was at the beginning of the year.

What does this mean for the economy and local businesses?

“Based upon historical trends, there’s no reason to expect an effect on the economy,” Lapan said.

He backed up his theory by saying there was no measurable effect on the economy after the stock market drop on Oct. 19, 1987, when there was a 22 percent loss.

“It’s a major event to see it drop that much in one day, but keeping it in perspective of the whole year, it’s still up,” Lapan said.

He said after the drop Monday, people who lost money were still better off than they were at the beginning of the year.

Many people may fear an economic effect after the Monday’s plummet because people lost a lot of money. But Lapan said people do not spend all of their money on stock markets.

“The markets themselves are very volatile. I think probably the markets will stay volatile,” Lapan said. “I don’t think anybody expects [Monday’s] drop to have a major effect on the economy.”