Sound Off for August 24th: Wild ride on Wall Street. Are you worried about another recession?
Wall Street took a major hit today. A crash in China set off a world-wide ripple effect – leaving the Dow down a thousand points, just seconds after the opening bell, ultimately closing down 588 points.
Rebecca Jarvis, ABC News Senior Business Correspondent, “This is scary, this stock sell off did come basically from out of the blue for most people.”
Over the last week, the average American 401k lost six thousand dollars. sounds bad, but over the last five years that same retirement account is actually up 61 percent.. meaning.. if possible.. remain calm.
“Great reccession in 2009, those who bailed on the market in 2009, lost half of their money. Those who stayed, as tough as it was to, made up all thier money back in three years and five years later, Jarvis says.”
The White House is blaming the market volatility mostly on China’s economic slowdown and downplaying any talk of a U.S. recession.
Are you worried?
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