By STEVEN T. DENNIS
Local stock brokers were preaching patience, not panic, after Monday's 7 percent sell-off in the nation's stock markets.
"It's just a normal correction," said Patrick Tyler, president of Tyler Financial Services in Hagerstown. "You can't expect the market to go up 30 or 35 percent and not go down 7 percent occasionally."
Although the Dow Jones industrial average suffered its worst single-day point drop Monday, tumbling 550 points, few local investors were selling their shares, the brokers said.
Tyler said he hadn't received any sell orders from investors all day.
"They're sitting tight," he said.
"It has been a very, very quiet day," said Pete Walters, investment representative at Edward Jones in Waynesboro, Pa. "Now is the time that you need to be coming out of the woodwork, get out your checkbook and take advantage of quality while it's on sale. Don't panic, buy.