COLUMBUS, GA (WTVM) - When the stock market takes a nose dive, those with a vested interest usually pay attention. You could hear a big sigh at the New York Stock Exchange as the Dow Jones plummeted at the sound of the opening bell on Monday.
If you have a 401K or invest individually, the stakes are usually high. Forty-four year veteran Murray Solomon with Raymond James Financial Planning sees it as an opportunity to invest.
"The price of the shares of most of our stocks have fallen to a level that becomes most attractive even though there may be problems out there," explained Solomon.
The advantage for new investors is the dividends are higher, making it a great opportunity to cash in down the road.
"If you find a company that normal pays based on its price, sat 4 percent of its dividends, maybe with the drop in the price of that stock, that dividend is now 6 or 7 percent so it becomes attractive for some people to buy."
The Dow dropped 1,000 points Monday morning, then regained a bit and declined again by nearly 600 points at the close of business.
We also hit the streets to find out what Americans were thinking about the wild roller coaster ride.
"For me put a little away ride it out and hopefully it's there in a few years," stated Chris Smiths of Birmingham.
Catherine North, finance student at CSU, explained, "It has to go down so that it will go back up. It can't always climb and climb...people always want to be rich...get richer, but it can't happen."
There's been talk of the federal government possibly going up on interest rates. Solomon said with this latest trend, he expects them to hold off for now.
Solomon also adds this is not the time to panic. If you're in it for the long haul, you should recover any losses over a period of time.