LEE COUNTY, Fla.-- Just over a week ago, the stock market was crashing and there seemed to be a lot of concern. A Southwest Florida financial expert is breaking down what you need to know, if you're worried about what lies ahead.
James Gallagher, of Waterstone Financial, says the stock market dropped the first week of February. He says if you look at the numbers, it's the biggest single drop ever, but if you look at percentages, it is not.
Gallagher says short term investor emotions caused the market crash and that nothing is driving this drop long term. He adds that the economy is good and corporate profits are soaring.
If you are uncomfortable with the market volatility, you should take action, but not immediately. Gallagher says the right time to make your portfolio less risky is before the drop. The worst time to sell is right after a fall.