August 24, 2015 06:27 PM
Investors and plenty of ordinary Americans spent the weekend pondering Friday's big sell-off on Wall Street. On Monday, the numbers plummeted again, but experienced investment advisors say folks shouldn't panic over that plunge.
Andy Wheeler, a partner and financial planner at Wheeler Associates in Duluth, said the stock market is going through a bit of a correction due to China's slowdown, and that's had some global ramifications.
However, those corrections consistently happen every four to six year-- for the past century of the stock market. Wheeler advises people to sit tight because the market will eventually bounce back.
He said the biggest key to winning in the investment market is to not be emotional and instead think of your investment goals and objectives. If they haven't changed, they stay the course.
"I look at this correction as an opportunity," said Wheeler. "As much as it stings, we can buy now for the price that they were in June of last year, so why not take advantage of it then react negatively to it."
Wheeler said August is typically a tough month because traders take the month off so the volume is light and the moves are bigger, but he says it will eventually iron itself out.
On Monday, the Dow was down 588 points and the Nasdaq was down 180.
Updated: August 24, 2015 06:27 PM
Created: August 24, 2015 05:21 PM
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