Following the year's worst day for stocks, advisers say don't pa - WLOX.com - The News for South Mississippi

Following the year's worst day for stocks, advisers say don't panic

GULFPORT, MS (WLOX) -

As soon as the opening bell sounded at the New York Stock Exchange on Monday, the selling began. The Dow dropped more than 1,000 points in the first four minutes of trading.

"I figured today, with last week's down turn and especially Friday's, that people would be worrying about it all weekend long, so I expected a big sell off early this morning," said William Van Kirk, Jr. "I didn't expect the extent that we had thought."

A potential economic slowdown in China and federal interest rates expected to go up soon led to the Dow closing down nearly 600 points. This comes after the worst week for stocks in the last four years. For Van Kirk, a second generation financial advisor in Gulfport, when the market drops, he wants to buy.

"I'm not concerned at all. In fact, I'm excited, because I'm able to put more money back to work at better prices," said Van Kirk.

Van Kirk said he's not looking for the market to see a significant bounce back, at least not over the short term.

"I think over the next few weeks we're going down more before we go up significantly," said Van Kirk.

Ups and downs are part of the stock market, and patience is what Van Kirk says pays off in the long run.

"I had a client sing me a song a few years ago. I'm not going to sing it, but he said keep the money in the market if you can," said Van Kirk. "He's right. Keep your money in the market, park it there, do a little bit of buying and selling, but not a lot of it."

The 588 point decline was the worst single day loss for the Dow since August 2011.

Copyright 2015 WLOX. All rights reserved.

  • NEWSMore>>

  • Diplan Earns First Double-A Victory As Shuckers Make it Six In A Row

    Diplan Earns First Double-A Victory As Shuckers Make it Six In A Row

    Sunday, July 22 2018 12:09 AM EDT2018-07-22 04:09:47 GMT
    Marcos Diplan prepares to pitch at MGM Park (WLOX Sports)Marcos Diplan prepares to pitch at MGM Park (WLOX Sports)
    Marcos Diplan prepares to pitch at MGM Park (WLOX Sports)Marcos Diplan prepares to pitch at MGM Park (WLOX Sports)

    The Biloxi Shuckers (58-40, 17-11) earned their sixth consecutive win on Saturday night with a 4-1 triumph over the Tennessee Smokies (50-49, 14-15) at MGM Park. RHP Marcos Diplan (W, 1-1) notched his first Double-A win by tossing 6.2 innings of one run ball.

    More >>

    The Biloxi Shuckers (58-40, 17-11) earned their sixth consecutive win on Saturday night with a 4-1 triumph over the Tennessee Smokies (50-49, 14-15) at MGM Park. RHP Marcos Diplan (W, 1-1) notched his first Double-A win by tossing 6.2 innings of one run ball.

    More >>
  • Search for shooting suspect happening in Biloxi

    Search for shooting suspect happening in Biloxi

    Saturday, July 21 2018 11:07 PM EDT2018-07-22 03:07:53 GMT
    Both males are wanted in connection with the shooting that happened at Martin Luther King Jr. Park on June 6.Both males are wanted in connection with the shooting that happened at Martin Luther King Jr. Park on June 6.
    Both males are wanted in connection with the shooting that happened at Martin Luther King Jr. Park on June 6.Both males are wanted in connection with the shooting that happened at Martin Luther King Jr. Park on June 6.

    Right now, Biloxi police are still searching for a gunman after a verbal dispute between two males became violent.

    More >>

    Right now, Biloxi police are still searching for a gunman after a verbal dispute between two males became violent.

    More >>
  • Families enjoy Blues Over Biloxi from a distance

    Families enjoy Blues Over Biloxi from a distance

    Saturday, July 21 2018 8:06 PM EDT2018-07-22 00:06:30 GMT
    Families pack beach and Broadwater Marina to watch Blue Angels. (Photo source: WLOX)Families pack beach and Broadwater Marina to watch Blue Angels. (Photo source: WLOX)
    Families pack beach and Broadwater Marina to watch Blue AngelsFamilies pack beach and Broadwater Marina to watch Blue Angels

    While thousands made their way to the great lawn at Harrah's, others opted to stay away from the congestion and watch the Blue Angels from a bit farther down the beach.

    More >>

    While thousands made their way to the great lawn at Harrah's, others opted to stay away from the congestion and watch the Blue Angels from a bit farther down the beach.

    More >>
Powered by Frankly