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Market wraps up turbulent week for 401Ks
For millions of Americans with money tied in stocks.It hasn't been pretty since Fed Chairman Ben Bernanke spoke out this past week.
And it seems the selling might not be over yet.
It's been a turbulent week for American 401ks.... and it's not over yet.
Overnight, markets in Europe and Asia were down, one day after Wall Street saw it's worst day all year.
"It's like a perfect storm out there this week," Alan Valdes said.
Investors say the storm is in part because of some good news about the
Last month, employers added 175,000 new jobs. With unemployment expected to fall below 7 percent next year, existing home sales are also picking up posting their best month in three and a half years.
But recovery from recession means the federal reserve could pull back on its stimulus program, Which has pumped billions into the system to help drive growth.
"Our economy is getting better, and now it's time for us to see how we can do it on our own," said Jonathan Corpina.
The potential shift by the Fed has shaken some investors Who fear the economy isn't as strong as it seems.
Some also worry record low interest rates could disappear. Already, mortgage rates have climbed above 4 percent for the first time in a year.
Market watchers say the volatile week is a sign of coming to terms with a new reality.
"Once we get through that period, I think we're going to realize that we're going to be ok, and that things are going to get back to normal," said Jonathan Corpina.
Financial experts say the best advice for average investors is not to panic, to stick it out. They expect a volatile summer ahead on wall Street, but the dow is still up more than 10 percent so far this year.