A market correction refers to a decline in the value of stocks, bonds or other assets. It is essentially when the market adjusts itself after an extended period of growth and high prices, by returning to its normal levels. This can happen due to various reasons such as economic reports, changes in interest rates, political events or news that affects investor sentiment. A correction is a natural part of the market cycle and helps to restore balance between supply and demand. It should be noted though, that corrections are not always indicative of an impending bear market or recession.