GREEN BAY, Wis. (WFRV) — The attack on Ukraine set stocks on another rollercoaster on Thursday. At one point, it was down more than 700 points, but ended finishing up nearly 100.
That fear is coursing through the markets in the U.S. and around the world.
“These are short-term blips on the overall returns,” said Jim Ritchay, Jr., a vice president for wealth management at Baird.
While he says it is natural to react to what’s happening in Ukraine, it actually happens a lot.
“You just have to have patience right now. We go through these types of corrections once every four or five years,” he told Local 5’s Barrett Tryon.
Ritchay predicts it will be a wild ride in the stock market for the next three weeks, but it will definitely not stay this way.
“The further you pull back that rubber band, per se, like we’re doing right now, the higher risk stocks are down 20 percent, the more you pull it back, it snaps back quicker also.”
The conflict will also likely send prices soaring at the pumps. Russia and Ukraine are both major producers of energy. When it comes to your money, advisors suggest looking to the long-term.
“You look at the economy, the economy is doing quite well, it should grow around 7 or 8 percent this year. Everybody has got a job. We had the lowest unemployment numbers in quite some time, and people got money in their pockets and their spending,” added Ritchay.
He also said this is far from the last time we will see markets make wild moves in 2022.
“In anticipation of higher interest rates, which we haven’t had for 10 years or so, plus we have mid-term elections in November,” said Ritchay.
The Federal Reserve is set to remove those super-low interest rates sometime in March. They were put in place to help the economy after COVID-19.