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

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.

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