Rochester, N.Y. (WHAM) — Several stocks took a sharp drop Monday morning, leading to concern over the U.S. economy.The Dow Jones Industrial Average closed out t
Rochester, N.Y. — Several stocks took a sharp drop Monday morning, leading to concern over the U.S. economy.The S&P 500 and the Nasdaq also saw a dip.It comes after a slight increase in the U.S. unemployment rate, which rose 0.2 percent last month to 4.3 percent, adding fewer jobs than expected."If hiring is down, if unemployment is up, there are fewer people with a job to make those economic buys," said George Conboy , the chairman of Brighton Securities.
Questions loom about the likelihood of a recession and the impact today's shakeup could have on investors who are looking to retire. "I think a mild recession is a distinct possibility," Conboy explained. "It’s a little early to call it a probability. For people who are within five years to retirement, they’re paying close attention and really ought to look at some of their options and how much risk they want to take.""I don’t see tomorrow as a sharp turnaround," said Conboy. "When you have a movement like this that is economically based, it will usually take some time.
In his opinion, the Dow Jones has seen sharper declines that aren't considered as significant as this week. "In 1987, the Dow Jones industrial average was around 3,000 and we were down almost 1000 points in one day," said Conboy. "That was big. To be down 1000 points today is no fun, but with the Dow at 40,000, we’re talking about a two, three, four percent drop. So, not nearly as bad."
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