Financial advisor weighs in on the record-breaking Dow drop
TUCSON, AZ (Tucson News Now) - The Dow plunged close to 1,200 points on Monday, Feb. 5, the largest single day drop in history.
Drew Blease, a wealth advisor with LPL Financial, Member FINRA/SIPC, said it's understandable to be shocked over the big drop.
He said, however, it's important to not panic and to take the emotion out of it.
The best thing is to look at things logically and in a bigger picture.
Blease said it's a good time to buy, if that's what you're looking to do.
"There's a sale on stocks today. They were a lot cheaper than they were on Thursday. How much lower are they going to go? That's anybody's guess. But if you have a little bit of money and you want to buy a little bit and get a better price than what you would have gotten last week and you're optimistic on the market and you're a long term investor? It's a good time to get in," Blease said.
Blease also said ups and downs are normal and to be expected. He said it's worth taking a look at big drops like this in the past.
"At the end of 2015 the market was down after the first 6 weeks. Somewhere around 12 percent which is more than what we had over the last two days. But it ended the year in positive territory. So we don't know if that's going to happen again this time. But again we can look at the past and get an idea that the bottom line is don't panic, don't freak, the market goes up and down," Blease said.
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