H&W in the Media
Money managers split over how to respond to stock-market plunge
A brutal week on Wall Street left strategists and portfolio managers somewhat divided over how investors should respond, with some urging clients to stay the course or add positions, while others argue it is a good time to raise cash.
Friday’s plunge added to an already ugly week on Wall Street that saw the main benchmark S&P 500 wipe more than $1 trillion off its market cap. The index SPX, -3.19% is trading 7.5% below its all-time high reached three months ago and fell 4.5% year to date.
While pullbacks and corrections are normal and often healthy, they can also cause a lot of anxiety and pain for investors.
Here’s a sampling of what money managers and strategists are saying:
Kevin Mahn, chief investment manager at Hennion & Walsh Asset Management
“Investors would be wise to allocate money to international stocks, REITs and MLPs, which all limit downside risk.”
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