Stocks Fluctuate as Congress Inches Toward Debt Ceiling Deal
Brady Smith, Anchor/Reporter
CEDAR RAPIDS, Iowa - The continuing march toward the U.S. debt ceiling is injecting uncertainty into the stock market, as prices fluctuated throughout the day.
Gene Wehrheim, a financial advisor with Nations Financial Group, says the U.S. stock market is entering "uncharted territory" as we inch closer to the deadline. But how (and if) it will impact your wallet, he said, depends on a lot of factors, such as age, how much you already have invested, and how much risk you're willing to take.
"When you have an event coming up and everybody is counting down to the event, there's a lot of pull on each side as to what's going to happen," said Wehrheim." So that's what makes for crazy markets, is all the uncertainty."
Wehrheim added that right now, short-term investing is especially unstable. So, if you're someone who enjoys playing the stock market, you're going to be more vulnerable to fluctuation. That means longer-term investing is probably safer right now, but again, it's difficult to say how long-term investors will be affected. The market will likely continue to be a roller coaster as it reacts to news of Congress and its dealings with the debt ceiling.
"One thing that it does do is create uncertainty, and markets hate uncertainty. So, that's what makes it tough. But the market so far has held up," said Wehrheim.
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