Telecommunications giant WorldCom announced it failed to properly account for nearly four billion. In reaction, the Dow Jones Industrial Average plummeted 200 points but ultimately managed to shrug off the bad news.
Locally, however, stockbrokers needed to contact their clients to ease battered investor confidence.
Rodger Bastien, broker from Morgan Stanley, said he received over 25 calls about the market trepidation.
He said he’s spent the majority of the day calming investor nerves and trying to convince investors to take advantage of market fluctuations.
"You can’t base your investment decisions on the wrongdoings of a handful of companies, the majority of this industry is truthful and trustworthy," said Bastien.
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