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What market experts say
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October 28, 1997: 9:29 p.m. ET
Stock strategists, managers share their thoughts on the roller-coaster market
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NEW YORK (CNNfn) - The Dow's 554-point plunge Monday -- followed by Tuesday's 337-point rally -- has stunned investors and Wall Street analysts alike. CNNfn talked to a range of financial experts who discussed their take on recent market events.
Vincent Farrell, chief investment officer at Spears Benzack Salomon & Farrell and Brian Finnerty of Underberg Harris urged investors not to overreact Tuesday, pointing to sound fundamentals they believe will keep the U.S. market on solid ground. Both questioned the usefulness of trading curbs, triggered for the first time ever during Monday's sell-off.
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Marshall Acuff, veteran portfolio strategist at Smith Barney, characterized Monday's plunge as the "much-awaited correction that many people have been looking for in recent years." He predicts a recovery, albeit a rocky one.
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Mark Mobius, director of Templeton Asset Management, called Monday's correction "healthy" and said the downturn in the market represented a good buying opportunity. He supported the use of circuit breakers to prevent short-term volatility.
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Michael Lipper, president of Lipper Analytical Services, said traders - not funds -- were leading Tuesday's Wall Street recovery. He advised investors to stay with their long term investments, even though some new selling may occur in the short term.
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Robert Hormats, a vice chairman at Goldman Sachs, believes strong U.S. fundamentals are enough to keep the market in "good shape." But remedying the negative psychology of Asia will require a coordinated global effort, he said.
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John Manley, a stock strategist at Smith Barney, and Allen Sinai, chief global economist at Primark Decision Economics, both warned investors that the worst financial news for Asian markets might still be waiting ahead. However, both were optimistic about the North American economy and urged speculators to pick up now-undervalued stocks from quality companies.
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