KANSAS CITY, Mo. — Monday was a financial day that many people compared to riding a roller coaster.
Some people on Twitter called it “Black Monday.” The Dow Jones Industrial Average opened with a plunge, falling more than one thousand points, roughly six-and-a-half percent. That tumble is indicative of an up-and-down day the American stock arena survived.
Here in the metro, that has people keeping a close eye on their investments, and wondering if this is as bad as it seems.
It’s become a daily ritual for 36-year-old Ryan Mulbery of Shawnee, surfing financial websites, keeping a watchful eye on a nest egg he’s working hard to build.
Days like Monday certainly got his attention, as the U.S. stock market took a historic fall, and everyday people like Mulbery wondered if his money was safe.
“It definitely makes you leery of what’s going on. What are the root causes of what’s making the market go down?” Mulbery pondered.
Mulbery says he’s concerned about all of his investments, but he’s cautiously optimistic the markets will rebound, and his 401k will be ok.
“If you’re too scared of the market, then put your money under your mattress. You’ll make zero percent interest,” Mulbery said.
Financial professionals say this up-and-down stock market isn’t worth the panic. They call it a correction: when prices move 10 percent or less. Investment advisor Alex Petrovic knows customers are concerned. He’s been in this field for 30 years, experience that assures him this isn’t a full-fledged stock market crash.
“You buy a home for the long term. You get married for the long term. You should be investing for the long term. These short term gyrations really should be taken with a grain of salt,” Petrovic said.
Petrovic says 401k accounts should be safe, so long as investors are saving money from each paycheck.
Financial experts FOX 4 heard from on Monday see this as an opportunity, rather than a setback. People looking to add to their 401k’s might find new investments, as some stock prices will be low after this scare.