Local Advisors React to Stock Market Tumble, Post-Election Day - Northern Michigan's News Leader

Local Advisors React to Stock Market Tumble, Post-Election Day

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The election is over, and the stock market felt the change today.

The DOW fell below 13,000 for the first time in about two months.

Analysts say tax hikes and spending cuts set to take effect at the first of the year known as the "fiscal cliff", is pulling the market down.

Local Advisors tell us the smart thing to do is think about when you'll need cash and long-term goals.

Jay Berger from Independent Wealth Management says,

     "What happens is people make trades sometimes based on day to day news and they shouldn't be doing that.  If they were concerned about the elections, they should have been making changes to their portfolios a few months ago."

Advisors say the best advice for investors is to plan ahead, rather than making decisions based on day to day changes in the market.