Paper Millionaires Not Concerned About Recent Wall Street Woes
Posted April 16, 2000
RALEIGH — The nerves steadied Monday on Wall Street after Friday's massive selloff. Despite 200-point gains for theDow industrialsandNasdaq, there is still a bit of uneasiness for all investors, big and small.
Jack Lancaster was worth more than a million on paper. The financial planner is proud clients have followed his example and remained calm about recent Wall Street woes.
"Well, mainly it has been more relaxing than I thought it would be," Lancaster says. "I do feel like it will slowly improve."
Stock options madeOrologicengineer Abdul Manadath a paper millionaire until last week's nose dive on Wall Street.
"Sitting around worrying about it does not really help me or the company," Manadath says.
N.C. State economist Michael Walden wonders if the stock swoon will slow purchases.
"We've seen consumer spending rising much faster than consumer income and because of people feeling wealthy," Walden says. "Now, if this trend continues and if stock market's wealth goes down, we can see that trend reversed."
Nasdaq's 218-point gain was the biggest one-day point gain in its history, just one trading session after its biggest single-day loss.