Ashli Sims, News On 6
TULSA, Oklahoma -- A decline of more than 600 points has dropped the Dow industrials below the 11,000 mark, on the first trading day after Standard & Poor's downgraded American debt.
It's the first time since November that the blue-chip index has been that low.
Several major Sooner stocks took a hit in Monday's stock market dive:
In all, Monday was Wall Street's worst single day slide in three years. But financial analyst Jake Dollarhide doesn't believe we're on the brink of economic disaster anymore.
"I don't think this is 2008. At that time we were tinkering on a second Great Depression," Dollarhide said.
But the markets are jittery. So for those looking for a safe bet:
"Cash is king and gold is not far behind," he said.
As always, Dollarhide preaches diversity and patience.
"I'd like to think a short- to mid-term blip," he said. "It's very real, but I think most of the problems have to do with Europe. And problems outside the United States and not to do with our country."
Dollarhide said if time is on your side, things could be looking up soon.
"If someone is invested in the market already or they get invested now, I'll think they'll be glad they did it. I think we have higher returns coming by the end of the year and into 2012," he said.
Jake Dollarhide insists it's not all bad economic news. He said despite Standard and Poor's downgrading the U.S. government, treasury bills remain strong. He also said this could be a good time to pick up quality stocks at a lower price.