Curtis D. Sharp
Executive Officer for Denominational and Public Relations
214-720-2127
Curt.Sharp@GuideStone.org

Updated: 11/24/08 Market swings shouldn't panic investors

November 24, 2008

DALLAS — American stock markets, buoyed by a government bailout of financial giant Citigroup and the announcement of President-elect Barack Obama’s economic team, added a second day of market gains Monday. The Dow Jones Industrial Average rose more than 396 points, up almost 5%, to close at 8,443.39. The Nasdaq and S&P 500 markets had even larger gains — up 6.33% and 6.47% respectively.

Stocks closed up Friday, as well, on news that Obama was expected to name New York Fed head Timothy Geithner as his Treasury secretary. Geithner had been instrumental — along with Federal Reserve chief Ben Bernake and current Treasury Secretary Henry Paulson — as an architect of the $700 billion economic rescue package approved in October.

On Monday Obama announced other key appointments of his economic team, which were met with approval from Wall Street investors. In addition to Geithner, Obama announced his appointment of Larry Summers, a former Treasury secretary from the Clinton administration, to serve as head of the National Economic Council. Christina Romer, a University of California at Berkley economics professor, and Melody Barnes of the Center for American Progress were also appointed to roles in the new administration’s economic policy team.

While Monday’s market performance may be riveting for stock and stock mutual fund investors, it’s important for long-term investors to rely on their investment strategies and not make decisions based on short-term market changes, good or bad.

Read more about how investors should respond to this volatile market.

Word Version - Updated 11/24/08: Market swings shouldn't panic investors: President-elect’s appointments extend Wall Street’s gains