The stock market has fallen 6 percent in the last five days, and people are paying attention to the changes in their money. So how are local residents reacting to the downturn?
“We talk about it quite a bit because that is where we get our income,” said Barbara Gregory.
“But I am an optimist, so I am going to be hopeful that it turns around,” said Katie Wann.
“We do, my husband retired a year and half ago, and that’s what we planned on, the money we have in there,” said Peggy Rigby.
“Basically we aren’t going to have much of a recovery, if any, and if we do it is going to be ups and downs. We are pretty much done as a nation,” said Douglas Smith.
That’s what people around Idaho Falls are saying when it comes to the stock market. This month alone there has been an 8 percent drop.
“There could be some investors moving more towards bonds, when bond yields are high, then people tend to move toward bonds then stocks,” said regional economist, Will Jensen.
“Stocks and bonds for them, and hopefully we won’t lose anything. We aren’t too risky with their money since it is for their future,” said Wann.
But even planning for a rainy day isn’t a guarantee.
“We do live off of our 401(k), so it is a concern, but we have seen this before. I have faith in America; I know we will come back. This is probably going to be another rough patch,” said Gregory.
“But it is worry some for the grandkids and what kind of monies they will have. We always try to put some away for them. It is always just kind of scary,” said Rigby.
Jenson said consumer confidence makes a huge impact in the stock market.
“Individuals are self-interested. They will do what is best for themselves first, and that may not always be what’s best for the nation as a whole,” said Jenson.
“My plans for the future are just to invest in precious metals, gold and silver, guns and that is basically it,” said Douglas.
Jenson said the best thing to do right now is to educate yourself because the number one reason people pull out of the stock market is that they get scared.
This is the fifth time the stock market has dropped Thursday’s percentage amount in the last 12 months.