BAKERSFIELD, Calif. - Many stock market records were broken Monday. At one point, DOW Jones dropped 1,597 points. DOW ended the day down 1,175 points, setting the record for the largest point move in a day ever.
The change gave back all of 2018's gains so far, but financial advisor Sherod Waite says it's still early in the year so there is time to recover.
"That's okay because we're only in February so we have ten more months plus to be able to get some more movement in the stock market so it'll be okay if it does correct," said Waite.
While the records surpassed Monday seem daunting, Waite says it actually isn't as bad as it seems. The point change was big, but it was only a 4.6% drop, which is typical.
"There is a psychological effect it has on people. They see these big numbers and they think oh it's all coming down but I think it's just a natural part of the stock market," said Waite.
The unusual part is how long it took for the drop to occur. Typically, ever three to four months the stock market will see a decline. This drop broke a record for the longest period of gain in 59 years after a ten-month upward trend.
Waite says for long-term investors, Monday's changes shouldn't have a big impact on their investments because highs and lows are expected with the stock market.
"It's one of those things that you should expect as an investor. You can't always go up. There are going to be corrections like this and that just happens," said Waite.