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Local expert says not to panic as Coronavirus fears tumble stock market

NOW: Local expert says not to panic as Coronavirus fears tumble stock market

SOUTH BEND, Ind. ---- Coronavirus fears are sending the stock market diving. The DOW plummeted nearly 1200 points on Thursday, its biggest one-day drop ever.

The DOW is now the lowest it’s been since the 2008 financial crisis but, financial experts say it’s not necessarily a reason to panic.

 “it’s a concerning time, it’s scary, the markets are emotional just like people are,” Andy Popenfoose said, a Chief Financial Officer at SYM Financial in South Bend.

The global economy is suffering from historic extremes as the deadly Coronavirus is rapidly spreading beyond china. Outbreaks in the United States, Iran, South Korea, and Italy are continuing to worsen.

The virus is now affecting more than 82,000 people worldwide and the fear of a pandemic is causing the stock market to plunge to historic lows.

“There’s fear to travel, there’s fear to assembling in big groups,” Popenfoose said. “There’s fear that maybe if you need a medical procedure, maybe i can wait 8 months to a year something like that before having that procedure. All of those thing’s kind of slow down the economy.”

Popenfoose explains that the Coronavirus is creating a fear of the unknown in the stock world, causing investors to rapidly sell off their stock.

If you have a 401k plan or other investments you’re worried about, Popenfoose says it’s important not to panic and make an emotional decision. Your retirement funds will likely be okay even if the market continues to drop.

“If you’re freaked out, that’s okay and that’s normal, but don’t take it out on your investments.”

Popenfoose also says there’s no evidence yet of a recession. The fear of what could happen is what’s driving the markets right now rather than what’s actually happening.

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