(Atlantic) The Stock Market lost some ground during the first month of the year after finishing 26-percent higher in 2103.
“The Dow is down about five-percent for the year,” stated Mark Smith CFP with the Principal Financial Group in Atlantic. “The market was up about 26-percent in 2013 so we were probably due for a correction to work off some of the excess.”
However, Smith is encouraged by the stronger economy and he says the Feds are confirming this by cutting back on their bond buying program.
“Things look pretty positive so I look for the markets to finish the year higher than where it started,” said Smith.
He says other factors that drove the market lower in the month of January can be attributed to, the debt issue on the horizon, and nervous investors.
This morning the Dow Jones Industrial average was up as much as 143-points.
January 30, 2014