Wall Street Has a Wild Week; What Does that Mean for You?
POSTED: Thursday, August 11, 2011 - 4:29pm
UPDATED: Thursday, August 11, 2011 - 5:39pm
EL PASO - With high unemployment, record home foreclosures, and a volatile stock market, there's plenty of reason for folks to be worried about the economy.
Last Friday, the Dow Jones dropped over 500 points, and the plunge continued this week. However, stocks shot up over 400 points today. So, what does this mean for us?
An economist said the rollercoaster market will impact the local economy.
"It's going to affect the investment portfolios of a lot of people here in the borderland, and probably the ones that are going to feel the impact more severely are retirees...It's going to affect a portion of the residential base in Las Cruces, because it has become such a retirement destination," said Dr. Tom Fullerton, an economics professor at UTEP.
Dr. Fullerton added that the markets reflect economic uncertainty and negative global events, like the devastating earthquake in Japan, that stripped manufacturing jobs here in the United States.