As U.S. financial markets reel from a week of historic swings, industry veterans...
- As U.S. financial markets reel from a week of historic swings, industry veterans are drawing on memories from their earliest years on Wall Street, while younger professionals are looking to lessons from history books.
from its record highs through Thursday, brought on by fears about the coronavirus pandemic, or Friday's 9% rebound.was its steepest one-day decline since Oct. 19, 1987, now known as"Black Monday," when the Dow crashed a record 22.6%. Since the S&P 500 began its tumble from its Feb. 19 record high over fears about the coronavirus and its potential damage to the global economy, markets have been besieged by volatility. The S&P 500 has seen 12 days in 2020 with swings of 1% or more, compared to 15 such days in all of 2019.
Phillip Perry, a 37-year-old financial planner and colleague of Phillips’ at Keenan Financial, estimated he has spoken with more than 30 clients this week under 30 years old, all of whom were shocked by the market chaos. Perry said he advises his clients to stay the course, speaking as one of the firms’ more experienced hands.
“My advice to younger people would be to stick your toe in at these lower prices, selectively, and dollar cost average on the down days,” Selkin said.
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