The closing bell couldn’t come soon enough on Wall Street Thursday, as the market took a huge dive.
The numbers tell the story – investors could only watch as the Dow Jones plunged more than 500 points. The dramatic drop has investors full of questions.
“It was a tough day,” and understatement from Barry Armstrong, president of the Armstrong Advisory Group in Needham, Massachusetts. He believes the sell-off was mainly based on one thing.
“It was based on economic data, it was not based on corporate earnings, and it was not based on changes to economic policy,” said Armstrong.
Fear over another U.S. recession and fear over Europe’s debt problem has older American workers re-thinking retirement. Grace Ippolito was hoping to retire in eight to ten years.
“This is a setback, and how long will it take to make this up now?” she wondered.
Age appears to be a factor in how investors are reacting. Younger investors didn’t seem to panic.
“If I were 63, I probably would be a little more nervous,” said one young financial professional.
“If you’re a younger worker, this is nothing to you. It’s a blip on the rader screen,” said Armstrong. “If you are an older worker this is a wake-up call, use it as an opportunity to say, maybe I’ve been investing too aggressively during the last five or ten years, and maybe I should tone it down in terms of my risk.”Source: NECN