Dow sets new records, keeps soaring - KYTX CBS 19 Tyler Longview News Weather Sports

Dow sets new records, keeps soaring

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TYLER (KYTX) -

 

The stock market was in brand new territory Tuesday. The Dow Jones Industrial average soared, closing at an all time high. CBS 19's Amanda Roberson explains what this means for East Texans.

The financial advisors CBS 19 spoke with said the Dow has been climbing since November. Tuesday's jump is due in part to a major announcement by China.  The last record came October 2007, just before the start of the financial crisis when the market's meltdown sent investors away in droves. But apparently, they're back.

The stock market jumped at the opening bell and then kept going. The Dow Jones Industrial average rocketed all day and closed Tuesday at a new record of 14,254.

"It's good news and it's a great benefit to anyone who owns mutual funds or stocks in general," explained Rick Frederick of Flint. He's been playing the stock market game more than 30 years. "The last downturn I lost some pretty good money and it's just the way it is, part of the risk." 
 
Frederick said he's cautiously optimistic about the stock market's new numbers. "Some of the fundamentals of the economy are really tough right now. The debt structure of our country is a serious, serious problem and getting worse every day." 

"We expect the economy in 2013 to improve," said Brandon Johnston with Wells Fargo Advisors in Tyler.

Johnston explained the recent economic pessimism is part of the reason the Dow is soaring. "Typically you see when investors are at their scaredest or most concerned and they're sitting on the sidelines, that's when you see big institutional money taking advantage of the markets and buying in."

Johnston said the rally also shows investors are focused on a recovering housing market and the gradual pickup in hiring. The market got an extra lift from China, which announced new plans to grow it's economy as part of a 5 year development plan. "Globally we expect the economy to improve slightly which typically leads to a good stock market," added Johnston.
 
With the new high, Johnston said it's not a bad time for stockholders to sell and make a little profit, but new investors should think twice. "If you're looking to start investing you may want to slow down, take your time, invest a little over the course over the next few months versus putting it all in at once." 

 

 

Johnston also said the markets have already accomplished around 3/4 of the returns they expected for 2013 and that quick start means markets will correct and pause for a bit, but should continue to grow.

When it comes to retirement savings, advisors said it's important to have a financial plan that's balanced and tailored to your specific financial needs.

 

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