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'Hold tight and hold your breath': Wall Street workers advise against panic 'Hold tight and hold your breath': Wall Street workers advise against panic
(34 minutes later)
It was a tumultuous Monday on Wall Street, as the US stock market suffered its biggest one-day fall since 2011 over fears of a collapse in the Chinese economy.It was a tumultuous Monday on Wall Street, as the US stock market suffered its biggest one-day fall since 2011 over fears of a collapse in the Chinese economy.
The Dow Jones Industrial average lost 586 points, or 3.56%, recovering slightly from when it plunged 1,089 points on Monday morning. The S&P 500 lost about 3.9%, closing at a seven-month low, and Nasdaq lost 3.8%.The Dow Jones Industrial average lost 586 points, or 3.56%, recovering slightly from when it plunged 1,089 points on Monday morning. The S&P 500 lost about 3.9%, closing at a seven-month low, and Nasdaq lost 3.8%.
Markets across the rest of the world suffered some of the biggest one-day falls this year, which greatly reduces the chance of the US Federal Reserve moving to increase interest rates in September – a move economists had expected.Markets across the rest of the world suffered some of the biggest one-day falls this year, which greatly reduces the chance of the US Federal Reserve moving to increase interest rates in September – a move economists had expected.
Despite the rollercoaster of stocks plunging, recovering and diving again, business seemed to be moving on Wall Street itself, as tourists snapped pictures of the New York Stock Exchange and traders rushed outside to grab a quick bite to eat or pick up delivery, saying they weren’t authorized to speak to the press. Despite the rollercoaster of stocks plunging, recovering and diving again, business seemed to be moving on Wall Street itself, as tourists snapped pictures of the New York stock exchange and traders rushed outside to grab a quick bite to eat or pick up delivery, saying they weren’t authorized to speak to the press.
Those not working for the stock exchange offered candid viewpoints on the drama on Wall Street, with most advising against panic or worry because the numbers will sort themselves out. Two Deutsche Bank employees having lunch outside the stock exchange were unsurprised the events of the morning, and said they thought the fall was “easily predictable”.Those not working for the stock exchange offered candid viewpoints on the drama on Wall Street, with most advising against panic or worry because the numbers will sort themselves out. Two Deutsche Bank employees having lunch outside the stock exchange were unsurprised the events of the morning, and said they thought the fall was “easily predictable”.
“It’s not unexpected so we move forward,” said one employee, declining to give his name. “We’re ready for these kind of things.”“It’s not unexpected so we move forward,” said one employee, declining to give his name. “We’re ready for these kind of things.”
The White House issued a statement to reassure worried investors that the US economy would be able to withstand the global economic slowdown better than it did in 2008, when the collapse of Lehman Brothers led to a near-meltdown of the global banking system.The White House issued a statement to reassure worried investors that the US economy would be able to withstand the global economic slowdown better than it did in 2008, when the collapse of Lehman Brothers led to a near-meltdown of the global banking system.
“There is no doubt the global economy is more interconnected that it ever has been,” Josh Earnest, Barack Obama’s chief spokesman, said. “What I would encourage people to evaluate is the ongoing strength and resilience of the US economy.”“There is no doubt the global economy is more interconnected that it ever has been,” Josh Earnest, Barack Obama’s chief spokesman, said. “What I would encourage people to evaluate is the ongoing strength and resilience of the US economy.”
Two attorneys going about their days on Wall Street agreed with Earnest’s sentiment. Jon Werner, an attorney at Lyons and Flood, said in terms of long term trends, there wasn’t too much to worry about. Two attorneys going about their days on Wall Street agreed with Earnest’s sentiment. Jon Werner, an attorney at Lyons and Flood, said in terms of long-term trends, there wasn’t too much to worry about.
“I think it’s just a sort of natural consequence to the repeated message that’s been given by the Federal Reserve that we’re going to end this era of low interest rates,” Werner said. “That message has fallen on deaf ears for such a long time, so it finally seems to be getting some traction, with people feeling some uneasiness.”“I think it’s just a sort of natural consequence to the repeated message that’s been given by the Federal Reserve that we’re going to end this era of low interest rates,” Werner said. “That message has fallen on deaf ears for such a long time, so it finally seems to be getting some traction, with people feeling some uneasiness.”
Frank Stone, also an attorney for a private law firm who works with people involved in the stock exchange, said not to panic because the fall is an adjustment from which the market can bounce back.Frank Stone, also an attorney for a private law firm who works with people involved in the stock exchange, said not to panic because the fall is an adjustment from which the market can bounce back.
“People are panicking because when you lost a lot of money, it’s a very traumatic experience,” he said. “It may some time but it’s going to come back. Hold tight and hold your breath.” “People are panicking because when you lost a lot of money, it’s a very traumatic experience,” he said. “It may take some time but it’s going to come back. Hold tight and hold your breath.”