What does the Dow Jones winning streak mean for Myrtle Beach? - WMBFNews.com, Myrtle Beach/Florence SC, Weather

What does the Dow Jones winning streak mean for Myrtle Beach?

MYRTLE BEACH, SC (WMBF) - The Dow Jones industrial average has reached another milestone, recording its longest winning streak since 1996.

The index rose for the tenth day in a row Thursday, gaining nearly 84 points to close at 14,539, an increase of 0.6 percent.

It broke through its previous all-time high March 5th and has kept going. The Dow has had only three longer winning streaks in its history.

The Dow is often recognized as a financial indicator for the economy. Although the economy may or may not be on an upswing, Myrtle Beach Area Certified Financial Planner said even with a winning streak, the numbers could come down at any time.

St. John said a person's age should help determine his/her strategy on what to do during this winning streak period.

"Someone young I might be saying ‘well it's ok because you have plenty of time for the market to rebound if it comes down' but someone who is dependent on this for income you might say, ‘well maybe not get out, but let's put some protection on there. Or at least get part of it out so that in case the market does take a downturn you're hedged, in a sense.'"

St. John said regardless if a person has investments or not, this is not a time to act irrational.

"Your best tip is to not be greedy. Don't get ahead of your risk tolerance. So if you know you can't handle watching your money go down 10%, there's no reason for you to jump into the market to take the risk of this going up," St. John said.

"Right now I caution a lot of people who have never been in the market or are nervous about things, they don't need to be getting into stocks at this point in time," St. John said.

St. John said typically how a person invests in the stock markets depends on his/her individual investment strategies and what's right for him/her on an individual basis. So, the best option is to contact a financial expert.

Copyright 2013 WMBF News. All rights reserved.

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