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Markets Recover As Calm Prevails
Traders at the New York Stock Exchange had to contend with a rapidly falling Dow Jones industrial average, which ended down 416 points.
(By Daniel Acker -- Bloomberg News)
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M. Steve Yoakum, head of the Public School and Education Employee Retirement System of Missouri, said: "We think it was a technical correction. It won't cause us to change any of our strategies."
Yoakum said he and his staff were in constant contact with the several dozen money managers he parcels out control of the pension fund to, and they agree that "stocks continue to be relatively cheap to bonds" and promise a bigger return long-term.
John Linehan, portfolio manager for the T. Rowe Price Value Fund, said he entered the market late in the day, snapping up $40 million worth of large, blue-chip companies across the board, including some in the health-care, technology and industrial sectors.
"You have a lot of market participants including a few investment professionals who had never lived through something like this," Linehan said. "There were desperate sellers, and we went in and took advantage of that and got some good prices."
Shortly before markets closed Wednesday, Sal Morreale, a trader at Cantor Fitzgerald, said that the technological delays of the previous day seemed to be behind them and that market fears had been quelled, at least temporarily.
"You had a couple of times where you saw some sell pressure," he said. "I thought, 'jeez, now we're really on the tightrope' . . . but it sort of went right back up. It didn't cave. I think today is sort of the day when people take a deep breath."
Day reported from Washington.
