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Tampa financial advisor: Caution urged as stocks tumble

Hillsborough County

Last updated at 6:15 a.m.

TAMPA, Fla. (WFLA) – You may want to avoid looking at your 401-k statement. Stocks took their biggest plunge so far this year.

The Dow finished the day down a head-spinning 800 points and some financial advisors are saying a recession could be in the works.

Wall Street nosedived 3 percent today. While that’s a significant drop, it doesn’t mean you need to sell off everything in the morning.

Wall Street’s plunge started with the opening bell and it was downhill from there. It continues months of gyrations that could give investors indigestion.

“It was a wild ride today but it’s been a wild ride for a while, and today, there were indications of an upcoming recession,” said Robert Harwood, president of the Harwood Financial Group.

Harwood warns we could see another “2008” around the corner. Not this year, and maybe not the first part of next year.

His expert advice: “Don’t react too fast to this. You want to think about what you’re doing. But it’s time to be careful. It’s time to be cautious in the stock market” Harwood said.

It’s not a job for the meek. A wise investment strategy can be confusing.

“I still think it’s a great time to invest. There are opportunities out there because the recession indications say it’s not for another 12 months to 24 months,” he said.

Even financial experts don’t know what’s going to happen, and there isn’t anything that’s entirely safe.

“There’s a lot of concern that the one intent of the 2017 tax law which was to have businesses invest in themselves is not panning out,” said Terry Haines from Pangaea.

Doomsday? No. Reality check? Quite possibly.

“This was just a bad day in the market. If it continues in this direction, it could be a correction,” Harwood said.

Investors aren’t comfortable with the trade war with China and don’t like the rising federal debt, now more than 22 trillion, the largest in history.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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