Coronavirus causes drop in stock market, expert weighs in

KLBK News

LUBBOCK, Texas — The impact of the Coronavirus is now being felt from an economic standpoint. The Dow Jones Industrial average, is suffering it’s worst week since the 2008 financial crisis.

Financial Advisor, Jeffrey Nicholas, said it’s valid for consumers to be worried about losing money in their retirement fund. However, Nicholas said people need to remember that this isn’t the first time the market has seen a drop like this.

“When you look at the Recession of ’08, the Great Depression,” Nicholas said. “When you look at the tech bubble in the early 2000’s that burst, we’ve seen it all before.”

Nicholas said before making any decisions, people should focus on their long term plans. And if the drop in the stock market is prompting you to sell, you might want to think again.

“Their stocks are really affordable if you will,” Nicholas said. “It’s a good time to buy because eventually — what goes down, must come back up.”

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