Some Central Coast residents feeling affect of stock market plunge

America’s stock market plunged dramatically Friday, marking its biggest loss of the year. The Dow Jonesindustrial averageplummeted 531 points, concluding its worst week since 2011.

Three big factors are driving this week’s worries: Concerns over China’s economy, the U.S. Federal Reserve’s benchmark interest rate and oil prices. For some investors that means taking a break from the stock market game. But from Wall Street to Main Street, it’s not bad news for everyone.

“All the precious metals are going up by the hour, by the minute, by the day,” said business owner Tony Delatorre.

Delatorre, who runs a jewelry store in Salinas, has been glued to the stock market for the last week. He said when things dip, that’s when people start investing in precious metals.

“It helps our business because people start looking into investing in either coins, gold coins, diamonds, diamonds are also included. It works to our advantage,” said Delatorre.

Still, at the New York Stock Exchange traders watched the numbers on the big board fall. Finance expert Steve Merrell with Monterey Private Wealth said it’s concerning but not a reason to panic.

“When people get all emotional in their investing that’s when they get hurt,” said Merrell.

Merrell said this is normal and people should not be worried about their personal investments or make big decisions based on a few bad days.

“Times like this can become opportunities for you. Times like this can become a chance for you to round out your portfolio to restructure it,” said Merrell.

Delatorre is definitely taking the opportunity.

“We’re watching every day the prices of precious metals because that’s what we do for a living. We buy, sell, trade,” said Delatorre.