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Significant DOW drop: What does it mean for your finances?

Rochester, N.Y (WROC_TV) - The DOW tumbled 666 points Friday. Experts said it was the worst point drop in two years.

Many have their theories on why it happened, including Paul Hurley, a wealth advisor with Key Private Bank.

“It's based on some good fundamental information that came out today: jobs, the fears that interest rates may rise and the fears that this could affect investors,” he said.

It comes on the heels of good news from companies like the Harris corporation, who announced they plan to hand out bonuses and stock options to employees this year due to large tax breaks they're getting from the tax plan passed in December.

"[They’re getting] 10 shares of stock, which today equates to about 1500 dollars in value to any one of them,” Steve Leonardo with the communications department said.

But now the question is: does this drop in points put that in jeopardy?

Hurley said his best advice is don't panic yet.

"What we tell our clients is we put a plan in place and stick to that plan at times like this. That's what's important,” he said. I would stay the course. This is a one day event. Let's see what happens in the next couple of market days.”


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