Roller coaster day for stock market: what does it mean for you?

Floor Governor Nicholas Brigandi, center, works with traders on the floor at the New York Stock Exchange in New York, Tuesday, July 7, 2015. Global stocks mostly fell on Tuesday as Greece's spiraling crisis kept investors on edge and as Chinese markets dropped despite government intervention. (AP Photo/Seth Wenig)

(WIAT) — It’s been a roller coaster day on Wall Street.  The Dow Jones tumbled more than 1,000 points shortly after the opening bell. By the end of Monday, it had recovered some of those losses.

Chief Investment Officer at Regions Wealth Management Alan McKnight says it wasn’t entirely unexpected. He said the markets are experiencing a “correction,” a dip of about ten percent in the markets. That has happened in 46 months.

“As things grow and build, we need a little air to come out, and that’s what we’re seeing today,” he said.

For most people, if the markets level out, there won’t be a big impact. Those who own stocks will see a change in their portfolios, but McKnight says there’s no need to panic.

For Birmingham resident Veronica Grey, though, the numbers are alarming. She says she has very specific concerns.

“Mostly retirement, because in a house, with equity and stuff, you can go to an apartment if you needed to, a condo or something small, but retirement is the money to have to survive until I pass,” Grey said.

The Dow Jones was at a 588-point loss by the close of Monday. That’s the worst decline for the Dow since 2011.

Copyright 2015 WIAT 42 News

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