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PLEASANTVILLE, N.Y. With the Dow Thursday plummeting to the lowest it's been since December, Pleasantville residents are concerned about repercussions that may follow.
Kevin McKenzie of Pleasantville said he believes the 512 point drop in the market will have a far-reaching impact.
"I think it will have a ripple effect,' McKenzie said. It will affect consumer spending and the overall economy with companies hiring."
McKenzie is currently unemployed and previously held a job in the printing industry. While continuing to search for a new job, he was concerned with his 401k and how it will be affected in the future.
"I think this will take years to recover from, and it's all tied in to the national debt, which is probably the biggest concern in this country right now," McKenzie said.
In a published report by CNN Thursday, Bob Doll, the chief equity analyst at the money manager, BlackRock, said there's "total fear" in the market.
"The conventional wisdom on Wall Street was that the economy was growing -- that the worst was behind us. Now what people are realizing is the stimulus didn't work, and we may be headed back to recession," said Peter Schiff, president of Euro Pacific Capital in the CNN report.
The Dow's drop on Thursday, represented more than 4 percent in total loss. The loss erases all gain from this year and is the worst since the financial crisis in 2008.
Some companies that took the biggest hit Thursday included Alcoa, Caterpillar and Bank of America.
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