STAMFORD, Conn. Christopher Tasik, a financial planner in Stamford, said the country isnt heading into another recession -- because it never left the previous one.
I dont believe were going to double-dip, Tasik said after the stock market fell more than 500 points on Thursday.
The country is only about halfway through the recession that started in 2008 and, historically, it has taken longer to recover, said Tasik, managing director of Tasik Financial Strategies LLC . The good run the market was on prior its recent slide is not uncommon in these situations, he said.
While people surely took a hit with Thursdays plummet, Tasik does not expect it to be as bad as when the recession began because investors are being more cautious with stock. He also pointed out that J.P. Morgans Guide to the Market said the Consumer Sentiment Index has grown to 71.5 as of June 30 of this year. The average is 85.8, the guide says.
Hopefully, people are in better shape for a downfall, Tasik said, adding that many of his clients have set up their portfolios to guard against loss.
The Dow Jones Industrial Average dropped 512.76 points or 4.31 percent, the Nasdaq Composite Index fell 136.68 points or 5.08 percent, and the Standard & Poors 500 dropped 60.27 points, or 4.78 percent, CNN said. The news network added that it was the worst day since 2008.
Were in for a challenge the rest of the year, said Tasik, adding hes eager to see the federal governments response to tumbling stocks.
Did the country just enter another recession? Did we get out of the first? Share your thoughts and opinions below or send them to reporter Anthony Buzzeo, tbuzzeo@TheDailyStamford.com .
Click here to sign up for Daily Voice's free daily emails and news alerts.