The chief executive officer of Indianapolis-based Bedel Financial Inc. says, despite another big dip in the U.S. Stock Market Wednesday, the long-term outlook for consumers and businesses not involved in the energy sector remains positive. Elaine Bedel says low oil prices and some panic selling are helping continue to pull down the Dow Jones Industrial Average, Nasdaq and the S&P 500 Index. She says everything will "get back into balance" over time and potential investors may be able to find some investment opportunities in companies that are currently hard-hit by oil prices.
Through much of the trading day Wednesday, each of the three U.S. markets was down around three percent and crude oil prices hovered around $26 per barrel. Bedel says in the short-term, the low prices and dipping oil industry are "pulling everybody down." She says the bottom is unpredictable for the price of a barrel of oil. "No one would’ve predicted that the price of oil was going to go from $107 down to $30," but she adds high supply volumes in many countries could keep low prices in play for longer.
Bedel says the current economic conditions mean there are some potential bargains available in the energy sector, but it’s important to be focused on the long-term as market continues to be volatile.