Sandy's Economic Effect

By  | 

ROCKFORD (WIFR) -- For the first time since 1888, the stock market's been closed two days in a row due to weather.

With the closing of the stock market for two days, one Rockford economist says this will affect not just those who currently invest in the market, but anyone who buys things from the store.

Rockford's Savant Capital management says many retirees who keep their money in retirement accounts are currently feeling the pinch of the market closures.

Retirees may have accounts set up to automatically pay bills through their investments and currently can't access those accounts. Although in the coming weeks, Savant says, we can all expect to see an increase in the prices of everyday goods due to the storm.

"We're likely to see a very small increase in our prices. They will be noticeable. They are not going to necessarily cripple anybody. But they'll be noticeable. And then, we'll have to wait until the supply catches up with what the demand is,” said Tom Muldowney, Savant Capital Management Chairman.

Savant says they're unsure when the prices will begin to be affected, but we can expect higher gas and food prices among the increases.

Savant Capital Management recommends if you have set up systematic withdrawals from your investments to your bank account, check, be sure you have enough money in your bank account prior to writing a check.

Comments are posted from viewers like you and do not always reflect the views of this station. powered by Disqus