WHEELING, W.Va. (WTRF) – The S&P 500 sank to a new low after a year of turmoil in the economy. The benchmark index ended September with a 9.3% loss and posted its third straight losing quarter. Is economic history repeating itself? 

The Federal Reserve has gotten recently aggressive in their last three meetings, where they raised their basis points by three quarters of a percentage point, which has not been seen since the 2008 recession. 

Jason Haswell from the Monteverde Group says that midterm election years are typically volatile for the stock market until the market fully understands who is in control and what could possibly get past legislation. 

However, this year in particular with the war on Ukraine, the pandemic, and now Hurricane Ian – we have seen spikes in gas prices, energy deficiencies, supply-chain delays, and inflation at an all-time high. 

He has advice for anyone currently investing or considering investing in this climate. 

”If you’re in it for the long term, it’s a great buying opportunity. So, just be careful. Make sure your risk tolerance is where you want it to be, your growth needs are where you want them to be. Be patient. We’ve been here before and people who stayed in after ‘08, ‘09, when things got really bad made a lot of money on the back end. So just, again, look at history, be patient, manage your portfolio to make sure your risk levels and growth levels are where you want them.”

Jason Haswell – Managing Director of the Monteverde Group

He also encourages people who have not yet invested in stocks to start during this time, because while we are seeing lows, there are companies pulling back. 

In his words, if you go to the grocery store and a gallon of milk is $3, then a week later it’s $1.50 – you’re going to want to take advantage of that lower price. 

So, are we in another recession?

Haswell says not quite yet, but it is possible if these numbers keep rising.