The world at large wondered how the stock market would perform on its first day of trading after being closed nearly a week. Fearing the worst, the Federal Reserve cut interest rates another half point today to stimulate investor confidence. Yet as the Dow Jones Industrials Average fell to 8921.20 and Nasdaq to 1579.70 by day's end, most financial planners found their clients relying one of investing's cardinal rules -- stay calm and dont make any impulsive decisions.
Advisers said that phone calls from clients wanting to sell stock were few and far between today. "We dont want to have any clients feed into a panic, so [weve gone] back and reminded them of what weve done previously with their investment policy statements," said Don Shymanski, a registered investment adviser with Fifth Third Bank in Evansville, Ind. "We have not had any calls to liquidate [assets] nor would we suggest that."