Stock market volatility ripples at Waynesboro institutions

By Tony Gonzalez

Published: October 10, 2008

One hour down, the next up, then down again. Stock prices gyrated Friday, radiating mixed messages beyond Wall Street.

While day-to-day banking continued as normal at area institutions, those with investments remained nervous, hesitating to look at their financial statements.

“I hate to see the statement at the first of the month,” said Gary Meadows, of Waynesboro.

Investors capped the biggest single-week point loss in Wall Street history with a wild session Friday that left stocks with a widely mixed finish. The Dow fell 696 points in the first 15 minutes of trading, swinging the rest of the day before closing down 128 points.

Although he didn’t follow Friday’s movements, Meadows said recent trading hasn’t given him much confidence.

Following the market can be challenging enough, let alone predicting what may come next, some said. Representatives at DuPont Community Credit Union said enrollment in financial education classes has jumped 25 percent to 50 percent in the past three months.

“People do come asking, ‘What does all this mean?’ ” said Suzie Cook, vice president of marketing at the credit union.

Wanda Ramsey, of Waynesboro, said she keeps her “ears open,” hearing most information from co-workers.

“I’m very nervous,” Ramsey said of her investments. “Hopefully the market is going to come back up.”

The challenge of finding good advice has caught the attention of financial institutions as well. Staff at the credit union, for example, have had refresher courses on the economic situation.

“We’ve used every means to talk about stability,” said Steven Landes, the credit union’s community relations coordinator.

The Associated Press contributed to this report.