Houstonians affected by stock market drop

- Since Friday we've seen a few changes in the stock market. Monday the Dow dropped 1,100 points and because of this many are experiencing loss.

"You may have lost all your games for this year but think about it long term you're probably done very very well last year so if you look at it and you try to pull away from just today yeah it's going to be worse today but you probably lost pretty much everything you have from the beginning of the year", says certified financial planner with Clarity Financial, Richard Rosso.

Officials say healthcare, technology, industrial companies and energy companies saw a hit. Bank bond yields and interest rates plummeted as well.

"My friends were very concerned over the weekend Friday some of them did start taking money out of the market and today with this drop they regretted that they didn't take more out", says Art Harrison who's planning for his retirement.

Overall Rosso says this came at the end of a two year stretch of stocks going up. Rosso says, "last year was magical we had very little volatility and it was just sort of a nice smooth glide up so we've been telling people is how I don't expect this to last".

Still folks say they will be watching to see what happens next. Anita Suson says, "well it's one of those things where I'm still at least 10 years away from retirement and you can't react to it you can't you made 20% last year so you don't want to give it back in a couple days you just have to ride it out". "I hope it goes back up for everyone sake and mine but I just, you just have to be cautious with it", says Harrison.

 

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