CHICOPEE, Mass. (WWLP) – A turbulent week in the stock market: on Wednesday, the Dow posted its best day of the year, but on Thursday, the Dow had its worst day of the year.
Mark Teed of Raymond James Financial told 22News, right now, the market is being driven by people’s emotions. A drop in oil prices is good news for consumers, but it may signal that the world economy is slowing down.
Teed also says the market just started Friday to react to people’s Ebola fears. He says if people become more reluctant to travel, go out to eat, and stay at a hotel, it won’t be good for business.
“I don’t think there’s been much effect until today,” said Teed. “Today was the first day I noticed an effect. At 3:40 a news report came from Nevada that potentially somebody on a plane had Ebola-like symptoms and the market went from down 50 to down 115 in about 10 minutes.”
Teed says people shouldn’t panic about their retirement investments during these short-term fluctuations.