MAINE — Investors will continue to monitor the stock market following that massive sell-off on Monday. One local expert says it is not cause for panic.
John Byrne, a financial advisor with Edward Jones, says the sell-off was triggered by concerns about general economic growth.
Despite those concerns, Byrne says a market correction like this is not out of the ordinary.
“It is normal. On average, the S&P 500 sees three 5% pullbacks per year, and one 10% correction per year historically. It’s during these times it’s really important as investors to stay true to our longer-term strategies and try not to get too caught up in the day-to-day excitement,” Byrne said.
Byrne agrees it’s likely that the Federal Reserve will cut interest rates as soon as September, which could provide some relief to the market.
