New York (AP) - A tough day on Wall Street. The Dow Jones faces one of it's largest drops of the year and the fall on Wall Street effects us all even if you don't play the stock market.
Volunteer TV's Allison Hunt talked with some financial experts today to see where we'll feel the pinch in our own wallets.
The good news is if you aren't currently an investor, now is a great time to buy into the market, the bad news is the drop is going to have us all paying out more in one way or another.
After starting the day in negative territory the Dow experiences it's second largest drop of the year, almost 400 points.
"What occurred probably 2.5% or more of their value would have decreased," said family wealth adviser David Stroud.
A cause for concern for those heavily invested in the stock market and those who are not. Experts say it's a trickle down effect for us all.
"The stock market is the overall indicator of health or direction of the economy," said Bryan Johnson from Moon Capital Management.
If you have a 401K, David Stroud with Stroud Financial Management says now would be a good time to look at your investments.
"You just need to be attentive and really see which of your funds took the biggest hit, and the question becomes whether or not you want to take that much risk," Stroud said.
Or maybe you're thinking about buying a home. Get ready because the cost of a home loan could be going up.
"There's a lot of people trying to sell their home, and it's because really the loan availability is not as prevalent as it has been in the last couple of years," Stroud said.
Or maybe you work in the housing business.
"If you're in the construction industry and home building slows down, maybe it has a direct effect on you," Johnson said.
That, Stroud says, will slow down the economy.
"Which in turn will impact more people everywhere because the unemployment rate will start going up," Stroud said.
And the news we never like to hear.
"The price of oil went up, so you're gasoline prices are going up, that's going to affect everyone across the country," Stroud said.
Experts say a bust on Wall Street is bad news for all of us. Now it's just a matter of how long the numbers stay down.
Analysts say pay attention to how the Stock Market closes at the beginning of next week because the longer the numbers stay down, the more long lasting the effects will be on the economy.
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