The two other major US indexes, the Nasdaq and the S&P 500, suffered similar losses over the past two weeks, with a massive selloff leading to a drop of 9.7% and 12%, respectively, by Thursday. The Dow closed 1.9% above Thursday's figure on Friday, with the Nasdaq and S&P trickling up 1.4% and 1.5%, respectively. Generally, a 10% drop is considered the formal threshold of a stock market correction.

Speaking to Radio Sputnik, Jim Rogers offered his take on the market situation.

Sputnik: What are the reasons behind the falling stock market in the US?

Jim Rogers: Whenever people get surprised in the market they always have to come up with reasons. We never usually know the real reasons until weeks or months later. The real reason in my view is that the American stock market has been going up for over two years with no correction – not even a five percent correction.