They describe different things. 10% down in a day would be a crash (and a correction). 10% down in a month or two is a correction, without the crash part. There's no formal definition of how fast something has to be to be considered a crash, but 2% ain't it.
Personally I love to always call it a "crash" because it's very in-your-face to hedge funds because they think 2% is a lot of money to them.
While I'm sitting here rejoicing over the black friday sale on some great stock buys.
I think "high speed correction" is technically more accurate than "crash". A "crash" can be caused by very real things. A "correction" is caused by unsanity being cancelled.
A market correction has a specific technical meaning: a fall of 10% from the 52-week high.
Yes, they define this specific meaning so that it makes them feel comforted about it.
"Oh shit I just lost 10 million dollars, but nah it's not a crash, it's just a correction" -hedge fund people on Wall St. in suits working till 2am eating ramen because they can't get off work in time to cook a healthy meal or go to a normal restaurant
I love how Wall Street people love to use the word "correction" instead of "crash" to make themselves feel better.