The stock market took a record tumble today.
The Dow Jones fell nearly 1200 points and that’s the biggest one-day drop in points.
Derek Felske is the chief investment officer of Annex Wealth Management. He says it wasn’t the largest loss percentage-wise. He says the market was strong in the beginning of the year…and it’s been a long time since there was a correction. At one point today the Dow was down 1600 points. He says the drop triggered automatic sell orders, and that made the Dow drop about 900 points in 10 minutes. He says the market recovered the points in the same amount of time, but the damage was done.
Felske says the fundamentals of the economy are still strong. He believes stocks are actually more attractive now than a week ago. He says that’s because the drop could delay an increase in interest rates.
