Stocks took a sharp plunge Monday with the Dow Jones Industrial Average looking to have its worst day in nearly two years.The fall was primarily driven by worries over the health of the U.S. economy. Around the country: National coverage from WPBF 25 NewsFinancial planner, CPA, and co-CEO of Grey Rhodes Advisors Rick Rhodes said it started Friday after a disappointing July jobs report.“People have been looking for every little sign to predict where the market was going next after so many months of going up that they took that small signal as one to potentially start selling. And it started feeding into itself because so many people seem to have been waiting for that signal,” Rhodes said.He said there are several other factors as well, including rising tensions in the Middle East and disappointment after the Federal Reserve didn’t decrease interest rates.But he said this news shouldn’t cause panic for the average person.“One or two-day moves shouldn’t make much of a difference for most people. Most people in their 401Ks or through their planning with an advisor have a more diversified portfolio. When the entire market does go down. Your portfolio is going to go down but is it going to be something that changes your future planning? Not likely,” Rhodes said.Stay up-to-date: The latest headlines and weather from WPBF 25 Rhodes said those worried should sit down with their advisors to figure out the next steps, and there are options out there that are less risky than taking a chance on the stock market.“For the average day saver. Interest rates are still higher than they’ve been in 10 to 15 years. So, the CDs are still out there. If you’re afraid of the stock market, then don’t don’t go into the stock market. Ask for the advice of a professional or make sure that you’re doing a CD — something safe that you feel comfortable with,” Rhodes said.Rhodes said even experts really don’t know how this situation will unfold over the days and weeks, but individual investors just need to stick to their gameplan, and they’ll likely be fine.Top headlines:Get the latest news updates with the WPBF 25 News app. You can download it here.
Stocks took a sharp plunge Monday with the Dow Jones Industrial Average looking to have its worst day in nearly two years.
The fall was primarily driven by worries over the health of the U.S. economy.
Around the country: National coverage from WPBF 25 News
Financial planner, CPA, and co-CEO of Grey Rhodes Advisors Rick Rhodes said it started Friday after a disappointing July jobs report.
“People have been looking for every little sign to predict where the market was going next after so many months of going up that they took that small signal as one to potentially start selling. And it started feeding into itself because so many people seem to have been waiting for that signal,” Rhodes said.
He said there are several other factors as well, including rising tensions in the Middle East and disappointment after the Federal Reserve didn’t decrease interest rates.
But he said this news shouldn’t cause panic for the average person.
“One or two-day moves shouldn’t make much of a difference for most people. Most people in their 401Ks or through their planning with an advisor have a more diversified portfolio. When the entire market does go down. Your portfolio is going to go down but is it going to be something that changes your future planning? Not likely,” Rhodes said.
Stay up-to-date: The latest headlines and weather from WPBF 25
Rhodes said those worried should sit down with their advisors to figure out the next steps, and there are options out there that are less risky than taking a chance on the stock market.
“For the average day saver. Interest rates are still higher than they’ve been in 10 to 15 years. So, the CDs are still out there. If you’re afraid of the stock market, then don’t don’t go into the stock market. Ask for the advice of a professional or make sure that you’re doing a CD — something safe that you feel comfortable with,” Rhodes said.
Rhodes said even experts really don’t know how this situation will unfold over the days and weeks, but individual investors just need to stick to their gameplan, and they’ll likely be fine.
Top headlines:
Get the latest news updates with the WPBF 25 News app. You can download it here.
