It seems like only yesterday that millennials were sharing their 401(k) accounts online, telling the world they were millionaires on paper. Well, it was. Or last week, to be exact.
And what a week it was.
Some said the stock market was long overdue a reality check, or two. Others believed the bull market could go on and on, an d then some. After a week of nerve-wracking volatility, the Dow Jones Industrial Average DJIA, +1.38% fell more than 1,000 points Thursday, or 4.15%, extending its recent selloff to more than 10%. That means the Dow is now officially in correction territory.
A correction, in theory, could extend to 19%. Beyond 20% and we’re officially in a bear market. That’s around the time when millennials start wondering what it means for them and, perhaps worse, their parents and grandparents. Stock market corrections and downturns are typically of more interest to people who are retired — and those drawing on their savings for income have cause to worry.