The FTSE slipped below 6,300, although it is still up nearly 6.5 per cent this year at the time of writing.
Experts say long-term investors should not be spooked by such events and should instead take advantage of depressed prices to access the best "buy and hold" stocks in the UK.
"When the news is bad, this is often a good time to invest," said Bestinvest’s Jason Hollands.
"It’s a fact that we are reminded of as we approach the 10th anniversary of the UK market bottoming out on 12 March 2003."
"Sentiment then was unremittingly negative but those who either had the guts or discipline to invest have been rewarded with handsome returns and that’s despite a global financial crisis."
Here are five buy-and-hold stocks that experts say have strong long-term growth prospects.
Unilever
The FTSE 100 consumer goods company has posted stellar returns over one, three, five and 10 years, and Hollands says demand from developing economies will drive the stock to new heights.
Graham Spooner (pictured), investment adviser at The Share Centre, agrees and points out Unilever owns strong brands of foods and household products which will help to carry it through difficult conditions. "It’s been around for donkey's and it will be around in 20 years," he said.
Over the last 10 years, Unilever has made 201.58 per cent while the FTSE has gained 152.95 per cent.
Performance of stock vs index over 10yrs
Source: FE Analytics
Investors with an even longer-term outlook would have seen significantly higher gains from Unilever.
Over the last 18 years it has made 468.22 per cent, compared with 234.07 per cent from the FTSE, according to FE Analytics.
It is yielding 3.2 per cent, making it a stable income play for investors looking to boost their income.
"Its diverse portfolio of brands includes Dove soap, Lipton tea, Wall's and Ben & Jerry’s ice cream, Domestos bleach and Hellmann’s mayonnaise," Hollands added.
"Unilever may be listed in Europe (in the UK and the Netherlands), but some 55 per cent of its sales are coming from the fast-growth emerging markets, with sales of Magnum ice cream totalling €1bn in China alone."
Unilever is not one of the most popular stocks among investors this ISA season, but The Share Centre’s Sheridan Admans says investors are turning to similar blue chips in the market as a hedge against instability.
"This tax year, ISA investors are putting their money into large FTSE 100 companies with recognisable brand names."
"Global economic issues caused high levels of uncertainty and volatility in the markets in 2012 and although this year has seen an early rally and a more optimistic outlook, it is unsurprising to see investors seeking safer havens."
GlaxoSmithKline
Along a similar vein, Spooner flags up global healthcare leader GlaxoSmithKline as one to buy and hold for many years to come.
"We’re always going to need drugs," he said.
While the stock has underperformed the FTSE over the last decade, it has made 65.09 per cent over five years compared with the index's 24.8 per cent, according to FE Analytics.
Performance of stock vs index over 5yrs
Source: FE Analytics
It is currently yielding 5.1 per cent, well above that of cash and government bonds.
Spooner says large companies that are leaders in their field such as GlaxoSmithKline, Unilever and Rolls Royce are good long-term calls because when they face competition, they can buy smaller companies and continue dominating the market.
"There might be some innovative smaller companies out there, but these blue chips will just buy them," he said.
SABMiller
Hollands says one of the best ways to get exposure to long-term growth in emerging markets is through established UK companies such as brewer SABMiller.
"Since the announcement of Moody’s downgrade of the UK’s credit rating, we and many others have pointed out that investors in UK equities need not panic: two-thirds of the earnings of FTSE 100 companies come from outside of the UK and the correlation between UK equities and the UK economy is low," he explained.
"This provides domestic investors with a significant degree of protection against a depreciation of sterling and the sluggish growth expected of the UK economy."
Over the last decade, SABMiller has made 980.04 per cent while the FTSE is up just 152.95 per cent.
Performance of stock vs index over 10 yrs
Source: FE Analytics
It has delivered eight times the returns of the index over five years, triple over three and double over one.
Hollands believes the firm's international focus will help it to continue this outperformance.
"It now owns iconic 'American' beer brands, such as Miller, while its emerging market portfolio includes a staggering 41 local beer brands in Africa, 30 in Latin America, seven in China and six in India."
However, it is less of an income play than other blue chips, with a yield of just 1.59 per cent.
Diageo
Spooner prefers London-based drinks company Diageo to take advantage of the high demand for alcohol.
"We always want a drink," he said. "Diageo has a strong global presence and good brands, and if there are any competitors out there, it will just pick them up."
Diageo has outperformed the FTSE 100 index over one, three, five and 10 years.
Over the last decade, it has made 342.34 per cent compared with 150.58 per cent from the FTSE.
Performance of stock vs index over 10yrs
Source: FE Analytics
Since January 1998 it has made 436.53 per cent compared with 97.82 per cent from the index.
Its dividend yield is just 2.28 per cent.
Scottish & Southern Energy (SSE)
Making another call on a long-term necessity, Spooner tips Scottish & Southern Energy as a long-term winner.
With a yield of 5.66 per cent, it is the highest-yielding stock on this list.
Spooner says it is investing in R&D to ensure it remains relevant in the future of energy production.
"We’re still going to need energy," he said. "And SSE is moving in to wind farms as well."
While its total returns have not been as impressive as the likes of Diageo or SABMiller, the energy group has nearly doubled the returns of the FTSE over the last 10 years.
It has also outperformed the index over one, three and five years and has delivered strong returns in recent months.
Since July 1995, the company has made 792.82 per cent while the index is up 229.61 per cent.
Performance of stock vs index since 1995
Source: FE Analytics
Scottish & Southern Energy (SSE) is the company behind British Gas, one of the largest energy suppliers in the UK and Ireland.
SSE provides a higher percentage of energy from renewables than the average UK supplier, at 10 per cent.