Local financial advisor says not to worry about drop in stock market

Local financial advisor says not to worry about drop in stock market

LAWTON, OK (KSWO) - A local financial advisor believes there's not a reason for people to worry after the largest DOW single point loss in history on Monday. He said for the past two years, we've seen relatively few down days at the stock market, and this is just a return to how it normally acts and it's almost welcomed.

"Because whenever you have such a long period setting almost record highs on almost a daily basis, you need to pull back and let things just settle down for a little bit. So we don't have an even more severe correction," Bates said.

He's had a few people call with concerns about the recent drop.

"There's nothing wrong with being concerned about it and a little bit anxious, but step back from the situation and view it for what it is... just a normal correction that we see from time to time," Bates said.

The drop came after some good news was released. A jobs report showed that the US economy increased by about 200,000 jobs and wages rose almost 3% over the last year. That report worried people that interest rates were going to go up causing the drop we saw Monday.

As for if it's time to pull some investments Bates said stick to your goal and know that stocks fluctuate.

"Step back with your emotions out of it, and look at it as an opportunity. If I have some extra money, and its money that can be invested for a long period of time now is a great time to invest some."

Copyright 2018 RNN Texoma. All Rights Reserved.