So the market tanked for most of the day

Only to recover much of the lost ground this afternoon.

I'd find little solace in that recovery, however, because there's no indication that things are improving. Indeed. there's every indication that things are about to get substantially worse.

We didn't get into the mess overnight and I see no reason to think that anything useful will happen until sometime next spring or summer after the new administration takes office.

IF this is just a regular downturn, albeit a little worse than most, we'll know it by then. There will be many indicators that things are starting to get better. Typical recession last 9 months to a year and next summer will be outside that time frame.

If. on the other hand, things are getting worse they'll most likely be really bad by then and the country will be ready for some drastic action.