Wall Street concerns hit Northeast Ohio - Cleveland 19 News Cleveland, OH

Downgrade: U.S. loses AAA credit rating as Wall Street concerns hit northeast Ohio

For the first time in nation history, rating agency Standard & Poor's downgraded the U.S. credit rating from AAA to AA+.

Friday night Standard & Poor removed the United States government from its list of risk-free borrowers. The agency is concerned about the rising burden of long-term federal debt.

19 Action News is trying to help viewers make sense of what's happening at the stock market.

It doesn't take knowing a whole lot to feel threatened by those up and down numbers on Wall Street.

 Baldwin Wallace Finance Professor, Dr. Kevin Jacques is very aware of people's panic to figure out how to protect especially those 401k's and IRA's. He says for most of us, just do nothing. "Right now it's best not even to watch your account" says Jacques.

"I feel like taking my money and burying it in the backyard, I don't know what to do," said one scared consumer.

"Here's where people really make a mistake...the stock market goes down…people panic out of fear and say oh I got to change my portfolio allocation and they rush out and sell a bunch of stocks and what happens the market swings back up and you can potentially lose a lot of returns" says Professor Jacques.

In the meantime, Professor Jacques believes that what's going on is "simply a routine "correction" on Wall Street."

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