Suncoast investors react to big drop on Wall Street

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SARASOTA, Fla      The Dow Jones Industrials had it's biggest one day drop since February and third worst of the year, closing down 317 points.

Sarasota investor Bill Dennis doesn't think it's a big surprise the Dow corrected on the final day of July.

"I think a lot of people are clearing out the end of July, everybody is going on holiday for August as far as American traders are concerned," Dennis said.

Profits took an early vacation Thursday--erasing the year's gain in one day.

"We really think the correction today was a result of international concerns," said Sarasota financial adviser Abby Schweigart from Edward Jones Financial.

"This is a reminder to investors that the European market is just not as strong as that in the U.S.," she said.

Schweigart says it's important for investors not to over-react to Thursday's 317 point decline. And Debra Chambers agrees.

"I have retirement funds in the stock market, and the market goes up and down and I'm just going to leave mine alone," Chambers said.

"I'm heavily involved in the Dow, especially in funds and while I'm never pleased with what happened today, it was going to happen sooner or later," Dennis said.

And it happened Thursday, but Schweigert had this advice:

"We think it's important for local investors to keep cash on hand to handle short-term expenses. We also think it's a great time for investors to purchase quality companies as some discounted prices."