The closing bell marked another down day on Wall Street Thursday.
Thursday’s 545 point drop for the DOW Jones Industrial, comes one day after the DOW suffered its biggest one day sell-off since February. Financial experts said fear over rising interest rates is forcing people to get out of many of the big technology stocks like Amazon.
“Lets just kind of wait and see what is going to occur I’m not an investor per say, but i keep up with it through a financial perspective because that’s going to affect money all across the board, said Keith Peters of Springfield.
Investors fears over higher interest rates caused this correction in the stock market, but Raymond James and Associates Financial Planner Mark Teed told 22News you don’t need to panic, the stock market will bounce back.
“Don’t let one bad market dictate your retirement years, you’ve worked too hard for it, said Teed. “This is a short term correction, its ugly, it can be vicious and scare the daylights out of you, but its not to be worried about.”
Teed recommends using the “Rule of 72” when it comes to choosing where you’d like to invest your money. If you earn 10 percent on a stock, it would take about 7.2 years for your money to double.
Teed said the U.S economy has been thriving despite the fear over higher interest rates. He expects the stock market to start seeing gains again by next week.