Local financial planners advise after stock market takes nosedive

HAGERSTOWN, Md. (WDVM)– Stock markets took a nosedive on Wednesday, following a red flag about a possible recession.

It was a rough day on Wall Street with the Dow dropping more than 800-points.

U.S. Investors dumped stocks, which sent Dow into its biggest one-day drop of the year.

Although this may be a scare for some, what is happening on Wall-Street can’t be controlled, which is what advisers remind their clients.

“When the market does get a little choppy up and down, there’s a temptation to try and time the market. And trying to time the swings of the market is a dangerous game that is extremely difficult to win,” said Mitch Belella, a financial planner at Serafini Financial Group.

Although what is happening on Wall Street is troubling to some, others are optimistic that things will turn around.

“The market in terms of a baseball analogy, it’s always come down, but it’s always come back,” said Greg Garner, a Financial Planner with Ark Financial Advisors at Raymond James.

President Trump decided to delay tariffs against Beijing until December and Wednesday he tweeted, “China wants to make a deal.”

“There’s a lot of ongoing concern with the presidents negotiations with china and reaching a trade deal, so that has caused the markets to jump around so far in August,” said Belella.

The U.S. economy has seen record economic growth and a strong job market, but some say President Trump’s trade war with China could cause a slowdown.