LAS VEGAS (KLAS) — As Wall Street faces another brutal week of downward trends, some investors on the cusp of retirement shared their concerns.
“We’re afraid,” local stockholder Tim Ledesma told 8 News Now. “But at the same time, we have to have hope.”
This turbulent time is throwing investors around the world and here at home for a loop, and Ledesma said weeks of consecutive losses really have him concerned.
“We’re staying still right now,” Ledesma said. “Because we are all standing back watching.”
Friday brought more brutal news, with The DOW in its longest weekly losing streak since 1923, and the S&P 500 falling 20% since January.
“The economy is a little bit fragile right now,” Brian Gordon, Principal at Applied Analysis told 8 News Now.
Gordon added now is the time to be cautious, as many cite inflation and higher interest rates as driving factors.
“You may have some folks who are on the verge of moving into retirement,” Gordon explained. “Who just may be a different deal now and they may be rethinking that strategy.”
He said those people may keep working; for those on the cusp of retirement and needing that money soon, this is a much larger issue.
Conversely, for those far from retiring, the downmarket may represent buying opportunities.
“It’s important to think of some of these things on a long-term basis,” Gordon said, referencing the market future. “And ultimately, we would expect some sort of recovery going forward..”
The stock market, historically, does rebound. For example, over the past 30 years, the market is up 870%.
This is something Ledesma said he’s ready to see happen.
“We have to set ourselves up for progress,” he concluded.
Many have also spoken about the possibility of a recession in the coming months. Gordon told 8 News Now the concern is there, but it’s still too early to tell exactly what will happen.