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WTOP Answer Desk: Don't panic about the stock market (yet)

Thursday - 8/4/2011, 7:37pm  ET

WASHINGTON - Despite the stock market taking a significant tumble Thursday, it may not yet be time to start piling money under your mattress.

However, with reports that the global economic picture is worsening, you may want to take a peek at your portfolio.

Mitch Schlesinger, Managing Director with FBB Capital Partners in Bethesda, remains bullish on stocks in the long run despite the recent economic outlook.

"We're not advising people to panic out of high-quality companies where the earnings are strong and the balance sheets are solid," Schlesinger says. "Ultimately, strong businesses don't go away."

If individual investors have questions about their 401(k), Schlesinger says they should check with a pro, specifically about long-term growth.

"What (investors) want is a long term strategy for investing their assets and think about how they're going to get a blend of both income from a portfolio and potential for growth," he says.

Despite the recent turmoil on Wall Street, Schlesinger also has his eye on some short-term opportunities.

"We're seeing many terrific companies with dividend yields approaching three percent," he says. "We're seeing a handful of corporate bonds come for sale at attractive levels, but treasuries and the municipal bond market, recently, have gotten less attractive."

Dick Uliano contributed to this report.

(Copyright 2011 by WTOP. All rights reserved.)