PHILADELPHIA (CBS) — The stock market’s wild ride over the past few days, and the big drop yesterday does little to calm fears of investors, especially those who are close to retirement. 3 On Your Side Consumer Reporter Jim Donovan finds that many are uneasy right now, and it doesn’t look like things will settle down anytime soon.
Economist Joel Naroff says anyone with investments in the stock market should come to expect swings in the stock market. He says, “You have to be willing to accept a lot of volatility. There is going to be a lot of ups and downs, remember we’ve come a long way since 2008 and 2009.”
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So what should a nervous investor do? Naroff says, “If you’re really worried about your investments, if you’re older and you’re coming close to retirement, then follow your investment advisors advice. You’ve got to be really cautious on that. If you have a longer time horizon, remember over time the markets have usually treated investors well.”
Reported by Jim Donovan, CBS 3