It was another volatile week on Wall Street.
On Wednesday, the Dow tumbled over 1,000 points for the first time since June 2020. Local financial advisor Howie Pentony says the volatility is tied to interest rates.
“To this point it’s been interest rates,” Pentony said. “Interest rates have been going up and been running away so that’s been negatively effecting the stock market.”
However, Pentony says that he prefers to see a market correction done quickly, as opposed to a long, drawn out process.
“This is not necessarily a bad thing. Let’s get all this stuff out of the way. In 2007 and 2008 the market took two years to go down,” Pentony said. “I don’t know where we are here, but I like it to go quickly so this correction is not necessarily a bad thing to me.”
Pentony also encourages investors to be patient with the process.
“It’s always painful, trust me. No one likes to see money go out the door. But, they just have to be patient and hopefully they have quality investments and they’ll be fine,” Pentony said.
Howie Pentony is the president of Pentony Capital Management in Portersville.
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