Stock market bump could start better trend

By: Alex Hambrick Email
By: Alex Hambrick Email

GRAND JUNCTION, Colo. (KKCO) -- On Wednesday, the Dow closed with a 300 point bump. One local financial advisor said this positive reaction to the avoiding the fiscal cliff is encouraging, but won't have a big effect on long-term investors.

"I think it was really just more of a relief rally that investors finally felt that Congress finally got something done rather than getting nothing done," said Financial Advisor Mike Berry.

Berry said he encourages his clients to ride out short-term trends like this one.

"We took a small step forward, and that's better than five or six steps backwards, but we need to address a lot of issues here in the country economically and fiscally before we can put a lot of this stuff behind us," said Berry.

Local investor Landey Patton said he plans to use the money that would have been taken away in the fiscal cliff to invest in the stock market.

"One is just managed by a brokerage firm. They just do all my investments for me, but I'd like to learn more about how to do it myself," said Patton.

The budget deal passed in the House on Tuesday night, and Berry said now our nations leaders need to focus on the debt and looming spending cuts to come this spring.

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