WHEELING, W.Va. (WTRF) – The Coronavirus has been hitting the stock market hard for four days straight. It’s been the worst week for the stock market since the financial crisis back in 2008.
“It’s affected the market in a way that it’s sold off quickly. Typically, when you see a steep sell off like this and if you get some good news, you will see a rebound. Maybe not to the old highs.”Jason Haswell, Managing Director of the Monteverde Group
Financial experts say businesses here aren’t being affected from the virus as much as they are overseas.
There’s been a stand-still on businesses in China. Many of the schools are being shut down, several companies have put manufacturing on hold, and people haven’t been buying goods and services like they used to.
China is still the second largest economy next to America, which is causing the impacts of the Coronavirus on China to have far-reaching effects worldwide.
Travel and technology-related stocks are being hit hard, while Clorox, Netflix, and DocuSign are actually better off since the virus impacted the stock market.
It’s not that unusual for those stocks to be better off because Haswell says they could prevent people from being at risk of contracting the virus, given that Netflix and DocuSign allow people to interact without in-person contact and Clorox keeps people clean with the virus going around.
Some people may be worried what the stock market will do to their portfolio or 401K, but Haswell says it’s possible for us to move forward from this without any problems.
“If everything is allocated well, be patience. There are times where we’ve had many dips like this. Don’t overreact, or do anything crazy during these times. Just follow your goals, needs, and risk tolerance, and everything will be fine.”Jason Haswell, Managing Director of the Monteverde Group
Haswell says the virus could spread to the US and dissipate if the Centers for Disease Control Prevention (CDC) has a good plan, or there’s a chance it spreads faster than expected.