CHICOPEE, Mass. (WWLP) – Stocks dropped Thursday, moving closer to correction territory, and wiping out all of the gains from Wednesday’s rally, ending in a place that has the Dow down for 2014.
The Dow Jones Industrial Average fell 267 points Thursday, a loss of 1.62%. The Nasdaq dropped 136.54, a loss of 3.26%.
Mark Teed of Raymond James in Springfield told 22News that “fear drove the market today.” And while he expects more volatility, his long-term view remains optimistic.
“Younger people should look at this as a chance to buy. These little selloffs we’ve been having is a sign that the market’s probably gonna make a move in either direction, and we think it’s gonna be up. So we think it’s a good time to buy if you’re young,” Teed said.
Teed has different advice for older workers. He said this would be a good time for people nearing retirement to check their asset allocation, and make sure you’re in the correct asset classes for you.
Teed does not recommend getting out of the market.
“This is not a time to be fearful. The markets look like they’re headed north. All the economic signs have been very very strong lately. So this might be a blip in the radar before we go higher.”