Sunday, June 26, 2016
AUGUSTA, Ga. (WRDW/WAGT) -- A long week awaits for folks on Wall Street following Britain's vote to leave the European Union.
Stock Exchange Trader Stephen Guilfoyle says more is in store after the DOW dropped 600 points on Friday.
"This not over," Guilfoyle says. "This is just the beginning of a long process."
But what does it mean for the 55 percent of Americans invested in the market and with retirement plans?
Keith Bliss with the Stock Exchange says your stocks may drop in the short run, but the process will eventually even things out.
"We'll have to wait and see how all this shakes out," Bliss says. "One thing that people need to bear in mind is that we're not flipping a switch today and all of the sudden the U.K is out of the E.U."
We reached out to a Morgan Stanley branch in Augusta about how they're helping local clients worried about their stocks. They released this statement, which breaks down to these points.
Their experts think BREXIT will only have a small impact on the global scale in the long run. They're telling stockholders not to sell off stocks because this is more of a political problem than a financial one.
Finally, they say the global downside won't last long while the European Central Bank steadies out after the drop on Friday.
In short, they say stockholders in our area don't need to panic.
"It's not the end of the world," Guilfoyle says. " We're not down the way the rest of the world is."
Bliss says the message is simple.
"Just relax," Bliss says. "The markets will go up, the market will go down."
Wall street experts say the market will still remain unsettled for awhile as the dust settles. But they also say folks with 401k plans, along with other long term market investments, should not worry about britain's departure from the E.U.