JACKSONVILLE, Fla. —
As the stock market continues to drop, it’s officially entered some rare territory.
The S&P Index opened Tuesday in a bear market.
CNBC reports this is only the 15th bear market since WWII, and it's the first time since February 2020, which directly coincided with the onset of the coronavirus pandemic.
In simple terms, a bear market means stocks have fallen more than 20% from a previous high, which was back in January.
Ivan Gordon, a Jacksonville wealth advisor with Raymond James, says he spent Tuesday on the phone, answering calls from investors worried about what may come next.
Gordon says he’s also been reaching out to his clients, to let them know about the market’s condition and provide an outlook for what the future may hold.
He says he saw a decline coming, but didn't expect it to dip this low, and continue dipping for so long.
"As people invest money, remember, try not to be emotional, dollar cost averaging is a wonderful, powerful tool for long term investors, and be an investor not a trader,” said Gordon. “Keep doing what you're doing, remember you have a plan in place, and give it time."
Gordon says he thinks we're going to see a lot of difficult times through the next few months.
But, he expects inflation to start to drop by the end of the summer, and the market to stabilize a bit then.