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Experts evaluate sell-off
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August 27, 1998: 8:00 p.m. ET
Economists see more turmoil; analyst eyes buying opportunities
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NEW YORK (CNNfn) - The U.S. stock market got hammered Thursday, as fears of a Russian economic collapse caused panic on Wall Street.
The Dow Jones industrial average ended the day down 357.36 points, or 4.2 percent, at 8,165.99.
A panel of experts takes a look at what's behind the latest sell-off.
Lawrence Goodman, an international economist at Santander Investment, says the interplay between the Russian economy and other economies in the world is "pure psychology."
But he said Russia's currency crisis is likely to spread to other emerging markets.
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William Hummer, market strategist for Wayne Hummer, called the current global situation the "worst world monetary crisis since World War II."
He says the market could drop another 5 to 10 percent, as deflationary pressures continue.
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David Beard, a Morgens Waterfall Vintiadis portfolio manager, said the sell-off may present some good buying opportunities.
He believes long-term investments are fairly safe right now.
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Robert Goodman, senior economic advisor at Putnam Investments, reminded investors to "keep their heads" through the sell-off, which he said was a natural phase of the market cycle.
He also said that the Russian attempt to create a democratic free market was "virtually impossible" and hence he was not surprised by the trouble there.
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