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Sunday, August 23, 2015

Wall Street "In A Correction"?

Last week's financial numbers on Wall Street were horrible. A lot of investors, including me, took a bit of a beating.

According to Fox Business:
All eyes will be on the U.S. stock market next week after the Dow, S&P 500 and Nasdaq indices all took major beatings this past week. In fact, during Friday's trading alone, the Dow lost a whopping 531 points, S&P fell nearly 65 points and the Nasdaq tanked, losing 171 points. The Dow has now lost more than 1,800 points since its all-time high on May 19 of this year. The main culprit for their demise: China. U.S. markets have been clearly impacted by fears China’s economy is slowing. The Shanghai Composite closed down more than 11% for the week. Investors are bracing for more volatility from the world’s second-largest economy.
I met with my financial advisor Friday and he sees what happened was a "correction". He, admittedly, received many calls from his clients. He feels that over the long term, investors shouldn't worry as "the fundamentals in the U.S. are sound."

I told him that I'll be watching the financial numbers next week and will decide what I am going to do.

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