Another tough day for the stock market Wednesday as the Dow lost nearly 700 points and the NASDAQ dropped some three percent.
Local Financial Advisor Adam Cunningham said concerns over the Trump Administration’s tariffs is one reason for the decline. Cunningham said the changing tariff plans have created an uncertainty within the stock market.
“I think the best thing people can do is kind of sit still where they’re at,” Cunningham said. “If they have extra cash that they’re taking home and they’re not paying off debts currently, the best thing they can do is stay still.”
Cunningham said CEOs do not yet know what they will be paying for goods they ship or import.
“But until some of that kind of works itself out,” Cunningham said. “I think we’re going to see some of this jumping around like we’ve been seeing over the last few months.
Cunningham says this downturn has not prompted as many clients calling his office as in years past. Cunningham said it is because the economy seems to be doing pretty well.
Cunningham said if you are thinking of investing in the stock market for the first time, he recommends that you do that now.
“A saying we use is when others get greedy, we get fearful. And when people get fearful, we get greedy,” Cunningham said. “Now is the time when people are kind of getting fearful because the market is down, so now is a great time.”
Adam Cunningham is a Financial Advisor with Raymond James in Cookeville, TN.
