CLEVELAND, OH (WOIO) - The stock market turmoil is all the talk. Another plunge in the price of crude oil sent the market sharply lower.
So we sat down to talk to an expert who says what's happening in China is what's behind the d rop.
"Because they purchase so many commodities i.e., oil from other parts of the world, oil prices have decreased . That is of concern to
many investors. That's triggering sell off, explains Joe Heider.
Joe Heider is the founder of Cirrus Wealth Management in Cleveland. He says the stock market is not the economy and the economy is
not the stock market. So we shouldn't hit the panic button just yet.
"Seventy percent of our economy is driven by consumers. There's billions of dollars being put in all of our pockets every day because
it cost that much less to fill up our autos, heat our homes , run our manufacturing firms," says Heider.
When it comes to your 401k , Heider says keep contributing to it.
"Your bringing a lot of more shares at current low prices. So it's really like going to the department store after the holidays. Things
are on sale," says Heider.
Heider predicts in about six-to-12 months the stock market will be back and up to higher levels than what we saw last summer.
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