Oklahomans React to the Market Bounce Back
By Dave Jordan, NEWS 9
OKLAHOMA CITY -- Rare numbers were seen on Wall Street Wednesday as the Dow topped the 10,000 mark for the first time in a year. The markets appear to be on the road to recovery nearly one year after going through a financial meltdown.
The market's performance is fueling optimism with Oklahomans.
Small-time investors and retirees were the ones largely affected by the near market meltdown last year. One metro man even delayed retirement, but now he's in a better place.
It was a moment in time we won't soon forget, daily triple digit market losses triggered by the housing market bust, not to mention a brutal recession. For Tom Brown it was a perfect economic storm.
"I lost about 40 percent of my portfolio and then I had planned on selling this house and buying a smaller house," said Brown. "And big houses, who knew if they were going to see or not?"
Those anxieties led Brown, a college professor, to forgo retirement last year, but now, he's feeling a little more confident.
"Personally, my portfolio is almost back to where it was a year and a half ago and that's a good thing for me and I hope this really does signal a recovery," Brown said.
The Dow closing above 10,000 for the first time in a year came in the wake of positive earnings reports from companies within three different sectors. But for one financial planner this is hardly cause for celebration.
"I don't know if I'd break out the champagne just yet, people need to be careful," Nick Massey, Financial Planner, said.
Massey says that this is a different economic environment because baby boomers are spending less and businesses and consumers are trying to pay down debt.
"I don't have any hope whatsoever that we're going to get back to the old highs of 14,100 in the next several years," Massey said.
But business experts say the market is behaving exactly as it should. Dean of the OCU Meinders School of Business Dr. Vince Orza says many investors made money today because they didn't cut and run when the going got tough.
"Could there be another downturn? Sure. But, we're seeing people beginning to stabilize, have some confidence again and that's reflective in the market," Orza said.
Even though the recession, by most accounts, is over, some analysts say the recovery could last until 2016.