CHICOPEE, Mass. (WWLP) – A turbulent day on the markets ended with a rally and almost in the green. The Dow Jones Industrial Average sank another 249 points after dropping as much as 565 points in afternoon trade.
The NASDAQ composite ended just 5 points lower, rallied by biotech stocks making the biggest turnaround in a day since 2008. And the S&P 500 ended 22 points down or about 1%.
Investors watched oil prices slide below $27 a barrel and markets worldwide were just as volatile.
While people are worried that this could affect their 401K, investors and market analysts say bide your time. It could be a good opportunity to buy rather than sell off.
According to John Rogers, a Professor of Economics at AIC, “Dealing with a wall of worry, and markets if they climb a wall of worry, that’s actually a good sign. You really get concern when everybody is euphoric and everybody is jumping into the market, that’s usually a bad sign. So I think some of the fundamentals are still quite good.”
Rogers said unemployment rates have improved which means consumer spending will pick up once they gain confidence.