Market Will Reflect Taper, Not 'January Effect' In 2014: Sanchez

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January 10, 2014 AT 10:18 AM
Happy new year? Not quite for stocks. Since the start of 2014, the benchmark S&P 500 index lost 0.55%. Some are seeing this as a reason to worry about the rest of the year. Since 1927, whenever the first five days were down for the market, it closed the year at a loss 52% of the time, according to research by Oppenheimer & Co. CNBC contributor Gina Sanchez, founder of Chantico Global , thinks the fact that the market dropped in the first week of trading means little compared to other factors that may threaten the market. Hanging over the market is the Federal Reserve Bank's tapering of its monetary stimulus program which had helped to keep interest rates down.