Iowans’ retirement funds likely took a few hits over the past few days as the Dow, Nasdaq and S-and-P continued Friday’s losses and closed near the lowest levels seen this year. Each of the three major indices lost more than one-percent yesterday (Monday). Financial advisor David Joy says fears of retaliation for Israel’s assassination of a Hamas leader played only a small role. Joy, who works for American Express Financial Advisors, says “It certainly doesn’t help matters. I think the larger issue is whether or not the Madrid bombings signal increased activity on behalf of al-Qaida , because of their reach around the globe, beyond simply the Middle East.” Joy says when first quarter earnings are released in a couple weeks, the mood may change: Joy says “I think the news is going to be good overall, the question I think is whether or not the market has already discounted those or has chosen to look beyond them. We’ll see how it plays out over the next couple of weeks.” Joy says the apparent tight presidential race also has some investors staying on the sidelines.
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