Unsettled financial markets leads to anxiety - NBC12 - WWBT - Richmond, VA News On Your Side

Unsettled financial markets leads to anxiety

RICHMOND (WWBT) - It is an unsettling feeling for most Americans. The stock market, which holds the retirement accounts for millions, was dwindling away minute by minute. The only thing stopping the slide was the end of trading.

John LeClair of Leahy & Clair Financial Management understands the anxiety, but his hopeful his clients don't give in.

"I can't tell you whether this is most storms or not," LeClair said. "But I would say not to panic.

Preventing panic might be difficult, when experts like CNBC's Simon Hobbs are unwilling to say there are not more losses to come.

"You'd think that after you'd lost 15% on the Dow over the past 12 trading sessions that you have put in a bottom," Hobbs said during a live interview on NBC12's News at 5:30 "But that doesn't seem to be the mood."

It is a mood that may get even more unsettled in Washington as leaders appear unwilling to make any concessions.

In a memo to his House GOP colleagues today, powerful Henrico Congressman Eric Cantor wrote: "In short, there will be pressure to compromise on tax increases. We will be told that there is no other way forward. I respectfully disagree."

Even though the White House, which continues to push tax increases, is hopeful the volatility will lead to deals:

"Our problems imminently solvable," said President Barack Obama. "And we know what we have to do to solve them."

Enough to make you very concerned that this could be another rough week on Wall Street.

Copyright 2011 WWBT NBC12. All rights reserved.

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