Local financial experts weigh in on the stock market situation

GREENVILLE, N.C. (WNCT) – The stock market has been up and down the past few days.

If you have money in the stock market the past few days may have felt like a family trip to Carowinds.

Local financial experts are saying there is no need to panic yet.

This is a series of corrections and rallies the market goes through.

Experts say last Friday’s employment report played a huge role in what’s been happening the past week.

January added 200,000 jobs, keeping unemployment at a 17 year low and wages being at the strongest improvement since 2009.

History shows markets average three 5 percent dips and one 10 percent correction, but for the past 15 months stocks have risen.

Even though we have seen some incline, experts say there is no need to panic.

“It’s hard to determine whether it’s going to be a sustainable correction or longer term if the market will continue to fall or continue to decline,” said financial expert David Damm of Carolina Wealth Management.

“It’s hard to determine if it’s a longer term or it’s just a short term snap reaction and in my opinion that’s what we’re seeing right now.”

Damms biggest piece of advice is, “try not to let emotions dictate common sense and decision making.”

The DOW closed yesterday over 550 points – the first time it closed in the positive this week.

What the markets will continue to do for the rest of the week, only time can only tell.

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