CHICOPEE, Mass. (WWLP) – Investors in the U.S. and around the world are waiting to see what Thursday brings after a day of, at times, staggering losses in the stock Market.
Stocks plunged more than 565 points during midday trading Wednesday before gaining back some of the ground it lost. The Dow Jones Industrial Average ended the day 249 points lower, prompted by tanking prices in the crude oil market, and global financial uncertainty.
The market volatility so far this year has a lot of private investors nervous about their retirement nest eggs. Raymond James Financial Adviser Mark Teed advises Investors not to panic. “The human spirit wants to take action when there’s trouble. My advice is: do nothing,” Teed said.
Overall, Teeds’s positive about the market’s prospects, but not necessarily for the short term. “I think the first half of the year is going to be choppy. A lot like this. Maybe not quite as volatile,” Teed told 22News. “The second half, if you can stick it out, I think you’re gonna be rewarded because the fundamentals of the American Economy are picking up. And generally, when that happens, earnings follow. And the stock market follows earnings.”
Teed told 22News he believes the markets will stabilize once the price of oil stops falling, which he thinks could start as soon as Wednesday. He also believes the FED will avoid raising interest rates again in 2016, especially because this is an election year.