The latest financial news from WorldCom hasn’t done a thing to stabilize the markets. Austin Jones with the Investors Center at Grinnell State Bank says the uncertainty is affecting everyone. He has a lot of clients who hold stock in McLeod, WorldCom and other telecoms, a sector hit hard by the accounting problems that are causing such concern. Jones says there are bright spots, but the market as a whole feels the effect of big business scandals like WorldCom’s latest.It pulls the whole market down so investing gets tough because even a “shining star” in a falling area will also fall. This week officials of WorldCom revealed that they put nearly four billion dollars in asset figures that should have been listed as debits. Tom Cirks with New England Financial advises not making any fast revisions to an investor’s portfolio.He says in times of turmoil, it’s best not to react to breaking news, but stick with a plan made ahead of time. Jones at the Grinnell Investors Center says the “Golden Rule of Trading” still holds true — sell what’s up, hold what’s down, buy low and sell high.
You are here: / / WorldCom scandal hasn’t cooled investors yet