Stocks bounce back Friday following market's worst day since March 16
The stock market bounced back Friday following yesterday's worst day on Wall Street since March 16.
Economic analyst Martin Cantor says fears of rising COVID-19 cases across the country and a discouraging economic outlook from the Federal Reserve played a part in why stocks tanked Thursday.
"Wall Street reacts to what the Fed said and the Fed gave pretty decent news to keep the interest rate low, but Wall Street saw it as a negative because the economy as it stands now is weak and the Fed is propping it up," says Cantor.
Mitchell Goldberg, president of Client First Strategy, agrees, saying the stock market is in for a bumpy ride.
"Control what you can control, " says Goldberg. "You can't control the giant gyrations in the market. Just focus on what you can control. Make sure you have an asset allocation that's appropriate for your risk tolerance and then you adjust accordingly going forward."
Goldberg says keeping interest rates low through 2022 doesn't help as much as people think because it hurts the banks.
"I don't think we are going back to the lows of March 23," says Goldberg. "I think there's just going to be a lot of volatility in a generally upward recovery trend by and large, most of your viewers have skated through this pretty well."
He says the stocks rebounding Friday shows that it's going to be a bumpy ride, but adds that people shouldn't panic.