Triangle residents react to Wall Street tumble, hope for rebound
North Carolina watched as the Dow Jones industrial average took a nose-dive Monday, but perhaps the 634-point plunge was especially palpable for Triangle resident Denny Mercer. Trouble on Wall Street cost him more than $130,000 last week alone.Posted — Updated
Mercer retired in 2000; he and his wife are living off their retirement savings, which are tied up in the stock market. "I'm not missing any meals at this point, but I can't take $100,000 a week," Mercer said. "That's a whole lot more than I ever earned." He said he worries most about the longevity of his money and whether it will last long enough to provide for his family after he's gone. "I'm not worried about this week, this month or this year, but my wife is 17 years younger and I have an obligation to leave something for her to live on," Mercer said. Mercer said things have gotten worse in recent years, but he hopes it's just standard market fluctuation.
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