The precipitous plunge in the stock market Monday morning, the latest in a string of down days, stirred worry among people on the street in Boston’s Financial District.
Moments after the opening bell rang on Wall Street, the Dow Jones Industrial Average swooned more than 1,000 points. The loss moderated during the first hour of trading, dropping at one point to less than 400 points.
“Any time you lose money it’s depressing,” said David, who wouldn’t give his last name for confidentiality reasons. “I’m disappointed that my money is going down the drain. ... But it will come back.”
Standing on bustling Congress Street, Harry Tsang said he saw it coming, and wasn’t surprised by the news.
“The market was tumbling in China already,” said Tsang, who works in the finance industry.
Michael Hatfield, 63, who works at a local bank, said he had just sold his condominium and he had money tied up in various investments, which, as a baby boomer, had him worried about retirement.
“I have all of my assets invested in mutual funds right now,” he said. “My concern is, that I’m facing a potential deterioration in the assets I have in stocks and bonds and mutual funds.”
“It’s bad timing” for a market downturn, he said.
Bruce Lusa said, “I guess I have to figure out what it really means for the economy, for jobs, and for the market.”
He said he had to check what the financial impact would mean for him personally, but assumed the outcome would not be favorable.
“I need to ... figure out what to do from here,” Lusa said.
Dave Papp, 36, didn’t think people should “freak out.”
“I have a long-term view on things, so to do with anything with investments, to get out of it now, I think, is an irrational decision,” he said. “A lot of people, including myself, could see this as a buying opportunity.”
He said things were eventually going to go back up.
World stock markets plunged Monday after China’s main index sank 8.5 percent — its biggest drop since the early days of the global financial crisis — amid deepening fears over the health of the world’s second-largest economy, the Associated Press reported.
Some analysts say they see opportunities for bargains in the latest plunge in prices. But underlying the gloom is the growing conviction that policymakers and regulators may lack the means to staunch the losses.MThiaterial from The Associated Press was used in this report.