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Stocks have been sliding for most of the month on worries about how the European debt crisis will impact global growth. Meanwhile, the euro has been plunging, with the shared European currency dropping Tuesday to levels just above a four-year low that it hit earlier in May before recovering.
"We're one international economy right now, and it would be hard for the U.S. to have meaningful growth if Europe is having a slowdown," Blum said.
"There's an element of herding and panic in the markets right now," said George Feiger, CEO at Contango Capital Advisors.
"But I don't think what's happening in Europe is as dramatic a problem for the U.S. economy as the stock market is suggesting," he said.