Despite major losses yesterday, the market has seen a decent recovery this month.
We spoke with local financial advisor Howie Pentony who said after a steady downward trajectory to begin the year, there’s been a big bounce back in the last couple of weeks.
“We were down 23 percent early. We’re now down about 10 percent in the Standard and Poor’s 500,” Pentony said. “So we’ve had a great rally.”
However, citing a potential rate hike by the Federal Reserve, the Dow ended Monday with a loss of more than 640 points, or 1.9%. The S&P 500 and Nasdaq fell 2.1% and 2.6% respectively.
Pentony also says it’s difficult to project what the rest of the year has in store, but as summer winds up expect the market to be active in the next couple of months.
“We’re still down year-to-date. As we head into the fall in the October and November area, that’s called periods of seasonal strength, we may have a better stock market. But, we’ve got a long way to go.”
