ST. LOUIS, MO - It was another white-knuckle ride on Wall Street Tuesday. The Dow finished up almost six hundred points. But the stock market has seen some very turbulent days. On Monday, the Dow Jones Industrial Average tumbled more than 1,100 points at the closing bell, the worst day for the Dow since August 2011.
Experts say inflation fears led to drop, calling it a "correction" in the market that was bound to happen at some point.
Stifel Financial Corporation has had 22 straight years of record revenue. Their CEO, Ron Kruszewski, says, “people just need to relax. Just relax.”
Kruszewski has been in the business since 1980. He says he has seen the market drop 200 times and similar to what it did it on Monday. He cites a little bit of inflation for that but adds that all is good.
“What’s really going on is strong revenue, strong earnings, and stimulus increased investment here in the U.S.”
Kruszewski adds that a 1,000-point loss from a 26,000-point market isn't something to worry, especially now.
“It's a healthy correction to a market that has gone almost straight up since the election over a year ago.”
He is sold on the idea that short-term dips are buying opportunities and says the market is doing well because of tax cuts and stimulus put into the market.
“I would say stay the course. Relax, turn the TV off. Just relax. Remember these are long-term investments you are making.”
The biggest mistake he sees is people getting antsy and leaving the market. Kruszewski also says people should get in the market because there is never a perfect time.
“The right time to invest is today. Five years from now you will look back and be glad you selected today or tomorrow, no time like the present.”
Kruszewski also says that as a city we should be investing in our airport, infrastructure, and institutions because we are in battles with cities like Nashville, Indianapolis, and Columbus for business.