In its third biggest drop ever, the Dow Jones industrial average fell 299.43 points on Tuesday to finish at 8,487.31, a decline of 3.4 percent. Is the market seeing a correction, or something more severe? Experts are divided.
CBS 'This Morning' Contributors Ken and Daria Dolan advise caution.
"We think there are some very, very bad days ahead," predicts Ken Dolan. "It's a mini-bear market for stocks."
Daria Dolan adds, "Stocks were overvalued in October. Investors don't understand [that] you can take some things out of the market and still be invested.".
She advises that taking profits now would be a good idea, because if this is truly the start of a bear market, it could take up to nine years for stocks to get back to where they were before prices began to fall.
What to look at now? The Dolans say:
- Money market mutual funds
- Short-term bond funds
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