Stock Market Fall

The news of stocks falling today didn't quite move everyone in East Texas.

"I don't know a whole lot about  and I don't think the average person does either," said Lufkin resident Walter Strice.

"My knowledge of the stock market is very limited; I don't know a thing it," confessed Lufkin resident Jan Vaughn.

But today's news came as a huge shock for East Texans who are familiar with the stock market.

Lufkin Bank of America Assistant Vice President Donna Mulholland told us, "A lot of customers have been calling today about their CDs maturing. Because of their rates they feel like the market is going to do down. So they're trying to get the rates as of yesterday or even as of today before it actually affects all of our rates."

Experts tell us whether you're familair with the stock market or not, today's market fall could still affect you. Especially when it comes to things like housing and 401ks.

"A lot of customers, that's where they're money is invested, through their companies. So that's going to affect the rates that they're going to earn. So it's going to take a dip. And that dip is probably going to happen sometime this week," Mulholland said.

So what about the possibility of a recession?

"There's going to be some big changes. People are not buying a lot of house right now. If you notice, the houses are kind of in what they call a soft market and things are moving slow. So I really think that something is going to happen," Mulholland added.

But experts tell us there's no need to panic as long as you're aware of what's going on with your accounts. Experts also recommend you check with a financial advisor to make sure your money is invested in the right places.